The name of the company that Hindenburg Research has now disclosed is Block Ink. The company has been accused of fraud. Jack Dorsey is the founder of this payment company. Jack Dorsey was formerly the CEO of Twitter and is also its co-founder. On 29 November 2021, he resigned from his post. Jack is coming up with the social media platform Bluesky. It is preparing to challenge Twitter. Currently it is in testing mode and available only on beta version.
What kind of app will Bluesky be?
The discussion of Blue Sky is hot since October 2022. It was announced by Jack in the year 2019 and established in the year 2021. Bluesky will be a de-centralized social platform. This app will also work like Twitter. According to the information, this app will also have facilities like post, follow. What’s happening when you open Twitter? The message comes. What’s up? in the BlueSky app Will come
Square was founded in 2010
Talking about Jack Dorsey’s journey, he founded Square in the year 2010. It is a financial platform. With the help of this app, payment can be received from debit and credit cards. Square’s IPO came in the year 2015 and it was listed on New York Stock Exchange.
In March 2020, the Federal Deposit Insurance Corporation gave Square permission to open a bank amid the Corona epidemic.
Block Inc formed in December 2021
On December 1, 2021, Square’s name was changed to Block Inc. Jack Dorsey has been a vocal supporter of cryptocurrency and blockchain technology. In such a situation, the name Block Inc. also suits their vision. The ticker name of Block Inc’s stock is “SQ”.
What did the Hindenburg report say?
Hindenburg, in its blog said, “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The “magic” behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.”
After the disclosure of Hindenburg Research, the shares of Block Inc fell by 20 percent. The market cap of the company is $44 billion. The monthly active users of this app are 51 million. The total population of America is around 33 crores. The research firm says that the secret of the company’s success is not innovation. This app has helped in fraud against the government and the consumer. Regulation was deliberately sidelined.
Investors have been misled by exaggerating many important parameters.
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