Twitter Co-founder Jack Dorsey’s net worth plunged by $526 million following fraud allegations on his venture Block Inc in the latest report by Hindenburg Research. His net worth now stands at around $4.4 billion after 11 % drop, as per Bloomberg Billionaires Index.
The report accused Dorsey of engaging in unethical and possibly illegal practices, including misleading investors and the government about the company’s finances and details.
The report quotes that “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 a revolutionary technology, and mislead investors with inflated metrics.
