, alleged in a new report that Block has misrepresented to investors the number of people using Cash App and the costs of acquiring them. It
. It also estimated, based on interviews with former employees, that 40 percent to 70 percent of accounts are “fake, involved in fraud, or were additional accounts tied to a single individual.”Hindenburg said it took out a short position on Block, meaning it is betting against the company’s stock price.
Block, which was founded by Twitter founder Dorsey, said in a statement that it planned to “explore legal action” against Hindenburg and called the report “factually inaccurate and misleading.” The company pointed out that it is a publicly traded company with regulatory requirements and public disclosures, “and are confident in our products, reporting, compliance programs, and controls.”
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