Jack Dorsey Loses $526M in One Day

It's his biggest single-day plunge since May
Posted Mar 24, 2023 12:59 AM CDT
Jack Dorsey Loses $526M in Single Day
FILE - In this Oct. 28, 2020, file photo, Twitter CEO Jack Dorsey appears on a screen as he speaks remotely during a hearing before the Senate Commerce Committee on Capitol Hill, in Washington.   (Michael Reynolds/Pool Photo via AP, File)

Within hours of a scathing report from short seller Hindenburg Research accusing Jack Dorsey's company Block of inflating its user numbers and ignoring fraud, among other things, Dorsey's net worth had taken a $526 million nosedive, per NDTV, which cites the Bloomberg Billionaires Index. The 11% plunge left his wealth at $4.4 billion. His stake in Block is estimated at $3 billion; the company's stock fell 15% Thursday, CNBC reports. Bloomberg says Block denies the allegations and is considering legal action against Hindenburg. Read more from the report here.

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