{"id":19077,"date":"2023-03-23T19:13:35","date_gmt":"2023-03-23T19:13:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/block-shares-down-as-hindenburg-takes-aim-at-the-crypto-company\/"},"modified":"2023-03-23T19:13:35","modified_gmt":"2023-03-23T19:13:35","slug":"block-shares-down-as-hindenburg-takes-aim-at-the-crypto-company","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/block-shares-down-as-hindenburg-takes-aim-at-the-crypto-company\/","title":{"rendered":"Block shares down as Hindenburg takes aim at the crypto company"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803540_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803540_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803540_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803540_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Hindenburg Research reveals a short position in Block Inc.<\/li>\n<li>Block says it\u2019s exploring legal action against the short seller.<\/li>\n<li>Wall Street has a consensus overweight rating on Block shares.<\/li>\n<\/ul>\n<p>Shares of Block Inc are trading 15% down on Thursday after Hindenburg Research revealed to have taken a short position in the financial technology company.<\/p>\n<h2>Hindenburg\u2019s reasons for short selling Block<\/h2>\n<p>Hindenburg says the multinational conglomerate has an enormous number of fake or duplicate accounts at its celebrated Cash App platform.<\/p>\n<p>More alarmingly, its research that spanned over two years alleges many of those accounts to be involved in criminal activities, including sex trafficking. The <a href=\"https:\/\/hindenburgresearch.com\/block\/\" target=\"_blank\" rel=\"noopener\">report<\/a> reads:<\/p>\n<blockquote>\n<p>Block has misled investors on key metrics and embraced predatory offerings and compliance worst-practices to fuel growth and profit from facilitation of fraud against consumers and government.<\/p>\n<\/blockquote>\n<p>In February, Block said its <a href=\"https:\/\/www.cnbc.com\/2023\/02\/23\/block-sq-earnings-q4-2022.html\" target=\"_blank\" rel=\"noopener\">monthly active users<\/a> went up 16% year-on-year to 51 million in December. Its shares are slightly in the red for the year following the price action today.<\/p>\n<h2>Block to take legal action against Hindenburg<\/h2>\n<p>Hindenburg also took and issue with the fact that top executives, including CEO Jack Dorsey has sold more than $1.0 billion worth of the company shares to benefit from the pandemic-driven rally.<\/p>\n<p>In <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230323005636\/en\/\" target=\"_blank\" rel=\"noopener\">response<\/a>, Block Inc, on Thursday, reiterated that it\u2019s a highly regulated public company and revealed plans of taking legal action against the short seller.<\/p>\n<blockquote>\n<p>We intend to work with SEC and explore legal action against Hindenburg for the factually inaccurate and misleading report they shared about our Cash App business today.<\/p>\n<\/blockquote>\n<p>Wall Street seems to disagree with Hindenburg as well. Its consensus overweight rating on \u201cSQ\u201d is coupled with an average price target of $98 \u2013 up 60% from here.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/block-shares-down-on-hindenburg-report\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Hindenburg Research reveals a short position in Block Inc. Block says it\u2019s exploring legal action against the short seller. Wall Street has a consensus overweight rating on Block shares. Shares of Block Inc are trading 15% down on Thursday after Hindenburg Research revealed [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":19078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19077"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19077"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19078"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}