Block becomes the "new prey" of Hingdenburg, Jack Dorsey's wealth has shrunk by 526 million US dollars.

On the morning of March 24, Beijing time, it was reported that the net worth of Block co-founder Jack Dorsey was hit after the latest short selling report released by Hindenburg Research, which said the payment company had ignored widespread fraud.

Mr. Dorsey's wealth shrank by $526 million (currently about 3.593 billion yuan) on Thursday, his biggest one-day decline since May. After falling 11%, he is now worth $4.4 billion (30.052 billion yuan), according to the Bloomberg Billionaires Index.

In a report released on Thursday, Hindenburg said Block had exaggerated user indicators and that "in terms of pure fundamentals, the stock has 65-75 per cent room to fall". The company denied the allegations and said it planned to take legal action against short sellers.

Block fell as much as 22 per cent on the day, narrowing to 15 per cent at the close.

Dorsey is also one of the founders of Twitter, and most of his personal wealth is tied to Block. The Bloomberg Wealth Index estimates his stake in the company at $3 billion, while his position in the social media company acquired by Elon Musk is worth $388 million.

This is not the first time Hindenburg Research, run by Nathan Anderson (Nathan Anderson), has tried to short billionaires, shrinking their wealth.

The agency launched an investigation into India's Gautam Gautam Adani and his business empire earlier this year, causing his company's shares to plummet and wiping out tens of billions of dollars from his net worth. Adani, once the world's second-richest man, now ranks 21st in the Bloomberg wealth index with a fortune of $60.1 billion.

Hindenburg also targeted electric carmaker Nikola in September 2020. Nikola shares plummeted afterwards, and its founder, Trevor Milton (Trevor Milton), was convicted of fraud in October after an investigation.