Talk about a major hit! Jack Dorsey's net worth took a massive tumble after the release of a fraud report into his company, Block. 💸📉
Most of Dorsey’s personal wealth is related to Block, Bloomberg noted. His stake in the company is worth about $3 billion, while he gets just $388 million from Twitter, which is now owned by Elon Musk .
The massive drop in Dorsey’s net worth came after Hindenburg Research released a report detailing fraud at Block that helped Dorsey and his co-founder acquire billions of dollars. Among other findings, Hindenburg said that Block had inflated user counts and engaged in predatory practices that allowed it to avoid regulation and mislead investors.
According to Bloomberg, this isn’t the first time a Hindenburg report has led to billionaires losing large chunks of their immense fortunes. Earlier this year, an investigation into the Indian industrialist Gautam Adani resulted in him losing tens of billions of dollars. Once the second-richest person in the world, he now sits at No. 21 on Bloomberg’s wealth ranking, with $60.1 billion.
Now Hindenburg seems to be creating a massive headache for Dorsey, and the firm’s report suggested that other investigations into Block’s practices are ongoing. As of Friday afternoon, Dorsey’s net worth had fallen even further, to just $4.1 billion,
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