Jack Dorsey Loses Half a Billion in a Day, His ‘Cash App’ is Accused of Lying to Investors and Catering to Criminals

Former Twitter CEO Jack Dorsey has had better days.

On Thursday, March 23rd, his company Block (formerly known as Square) took a tumble in the stock market, as the price  of the company’s shares fell by nearly 15% – causing Dorsey’s net worth to fall by U$562 million dollars.

The sharp decline in share prices was caused by a report by Hindenburg Research “accusing the firm of misleading investors and embracing a criminal user base.”

The Daily Mail reports::

“Hindenburg Research on Thursday disclosed its short position in Block and released findings from a two-year investigation, alleging the company ‘misled investors on key metrics, and embraced predatory offerings and compliance worst-practices in order to fuel growth.'”

The report includes expansive allegations against Block, the payments company formerly known as Square, which also owns the popular smartphone payment application Cash App.

“Many of Hindenburg’s claims center on alleged rampant criminal use of Cash App for drug deals, sex trafficking, and even murder-for-hire.”

Rapper 22Gz: ‘I paid them hitters through Cash App.’

Rapper Nuke Bizzle: convicted for COVID stimulus fraud, used Cash App as the payment mechanism. Boasted about the scheme in his lyrics.

Hindenburg Report: “Block [owner of Cash App] has embraced one traditionally very ‘underbanked’ segment of the population: criminals”.

Block responded: “We will not be distracted by typical short seller tactics.” Jack Dorsey’s net worth dropped 11 percent, but it’s still at a healthy $4.4 billion.

 

 

Criminal infiltration was also a problem on Twitter under Dorsey’s command.

 

Dorsey’s problems with criminal infiltration on one of his platforms is nothing new. It also festered on Twitter, primarily in the form of child exploitation material, so much so that, when Elon Musk purchased the company, he stated that “removing child exploitation is priority #1” in a tweet in late November.

Dear Reader - The enemies of freedom are choking off the Gateway Pundit from the resources we need to bring you the truth. Since many asked for it, we now have a way for you to support The Gateway Pundit directly - and get ad-reduced access. Plus, there are goodies like a special Gateway Pundit coffee mug for supporters at a higher level. You can see all the options by clicking here - thank you for your support!
Photo of author
Paul Serran is a Brazilian writer and musician, completing his first year as a contributor to The Gateway Pundit. He has written books, articles, TV programs, documentaries, plays. He joined the 'Information war' in 2017 and started writing for an international - predominantly American - audience. Unbanned in X | Truth Social | Telegram Channel

You can email Paul Serran here, and read more of Paul Serran's articles here.

 

Thanks for sharing!