In research published on Thursday by Hindenburg said that Block had exaggerated its user metrics and that the company was vulnerable by 65% to 75% “on a purely fundamental basis.” The business refuted the accusations and declared that it would consider taking legal action against the short-seller.

On Thursday, Block dropped as high as 22% before finishing down 15%.

The majority of Dorsey’s personal wealth is invested in Block, which he co-founded along with Twitter. His interest in the company is estimated to be worth $3 billion by the Bloomberg wealth index, while his stake in Elon Musk’s social media startup is worth $388 million.

Earlier this year, The Firm published an investigation into Indian businessman Gautam Adani and his empire, which caused the stocks of his firms to crash and erased tens of millions of dollars.

Do you know Amrita Ahuja?

“Jack Dorsey and James McKelvey, co-founders of Block, sold more than $1 billion worth of stock during the pandemic as Block’s stock soared due to its facilitation of fraud. Other officials allegedly sold millions of dollars worth of stock, according to the article, including the CFO Amrita Ahuja and the Cash App’s lead manager Brian Grassadonia.

Ahuja is a senior executive who is of Indian and American descent. In February of this year, he was promoted to CFO of the business. 

Ahuja attended esteemed institutions like the London School of Economics, Duke University, and Harvard Business School.

She worked with industry giants including Airbnb, McKinsey & Company, and The Walt Disney Company, among others, before joining Block in 2019. 

She began consulting before transitioning to investment banking.