#: Block’s stock tumbles after short seller issues report
“: Block’s stock tumbles after short seller issues report”
Block shares headed for steepest one-day decline in three years
U.S. short seller Hindenburg Research touted Block Inc. as its latest bearish target Thursday.
Shares of the company, which is the parent of Square and the Cash App, were down about 17% shortly after Thursday’s open. Block’s stock
was on track for its largest single-day percentage decline since March 16, 2020, when it fell 28.6%, according to Dow Jones Market Data.
Hindenburg teased late Wednesday that it was preparing to launch a new report.
The activist short seller, founded by Nathan Anderson, is known for most recently shorting Indian conglomerate Adani Group. The January report sent all Adani-linked companies’ shares to slump and Adani’s net worth to spiral. Adani strongly denied the allegations.
Adani executives went on a charm-offensive roadshow to win back investor trust in late February. An Indian Supreme Court independent panel was opened earlier this month to look into Hindenburg’s allegations.
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