
Shares of Block Inc declined 20% in trade to after short seller Hindenburg disclosed that it holds short positions in Jack Dorsey‘s firm. Hindenburg had earlier today in a tweet hinted at its new report to be released soon, days after it hit out on India’s Adani group, taking the market capitalisation of the entire group down by 50%. Hindenburg alleges that Block has overstated its user counts and understated its customer acquisition costs.