Jack Dorsey, a co-founder of Block Inc., saw his net worth plummet due to the most recent analysis by Hindenburg Research, which said the payments company ignored significant fraud.
The most significant single-day loss in Dorsey’s fortune since May occurred on Thursday when it fell by $526 million. After an 11% decline, his net worth is $4.4 billion, according to the Bloomberg Billionaires Index.
Hindenburg released a report Thursday claiming Block had inflated user metrics and that the stock has a downside of 65% to 75% “on a purely fundamental basis.” The company denied the allegations and plans to explore legal action against the short-seller.
Block dropped as high as 22% on Thursday before finishing down 15%.
Most of Dorsey’s wealth is invested in Block, which he co-founded with Twitter. His interest in the company is estimated to be worth $3 billion by the Bloomberg wealth index, while his stake in Elon Musk’s social media startup is worth $388 million.
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It’s not the first time Nathan Anderson’s company, Hindenburg, has targeted millionaires and reduced their wealth.
Earlier this year, the company published an investigation into Indian businessman Gautam Adani and his empire, which sent his firms’ stocks tumbling and destroyed tens of billions of dollars worth of his wealth.
With a $60.1 billion fortune, Adani, formerly the second-richest person in the world, is currently ranked 21st on Bloomberg’s wealth index.
In September 2020, Hindenburg will also attack Nikola Corp., a manufacturer of electric vehicles. Following this, Nikola’s stock fell, and an investigation resulted in Trevor Milton, the company’s founder, being found guilty of fraud in October.
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