fell 4% in premarket trading on Friday, a day after the payments firm's Cash App business became the latest target of U.S. short seller Hindenburg Research.that Block overstated its user numbers and understated its customer acquisition costs.
Block shares closed 15% lower on Thursday, giving up all the gains made so far this year. They had lost 61% of their value last year amid a broad selloff in the technology sector. Hindenburg in its report also said that while CEO Dorsey has touted Cash App's mention in hip-hop songs as an evidence of its mainstream appeal, its review showed the rappers describe it as a means to "scam, traffic drugs or even pay for murder".
what a d*mb name for a report - to name it after a national tragedy is an insult to the victim's
Blocks casual attitude about a very regulated business is troubling. I think legal action will be taken
Buy the dip