Jack Dorsey, a co-founder of Block Inc., saw his net worth plummet as a result of the most recent analysis by Hindenburg Research, which said the payments company ignored significant fraud. The largest single-day loss in Dorsey's fortune since May occurred on Thursday, when it fell by $526 million. After an 11% decline, his current net worth is $4.4 billion, according to the Bloomberg Billionaires Index. In a research published on Thursday, Hindenburg said that Block had exaggerated its user metrics and that the company was vulnerable by 65% to 75% "on a purely fundamental basis." The business refuted the accusations and declared that it would consider taking legal action against the short-seller.

Key Points

• Jack Dorsey, a co-founder of Block Inc., saw his net worth plummet as a result of the most recent analysis by Hindenburg Research, which said the payments company ignored significant fraud.

• In a research published on Thursday, Hindenburg said that Block had exaggerated its user metrics and that the company was vulnerable by 65% to 75% "on a purely fundamental basis."

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