I read the Hindenburg Research report on Block. A few of the mentioned points regarding Block are blatantly obvious to anyone that has used their services. They’re out to make a buck, and they’re not above doing really shady shit to get all the bucks. Is this unusual? Of course not, it’s standard business practice, and I think that’s really the angle Cathie Wood is coming from to defend Block. She’s a fucking moron and a scumbag. The shit she’s saying is beyond absurd.
The most damning part of the report is something that anyone can discover as a regular “Block” user: They aren’t a “technology disruptor”, merely a group willing to commit fraud in the form of predatory lending and fees while dressing up their service as a boon to struggling communities. It’s not new, predatory lending is virtually ancient by this point. So much so that the Catholic Church itself had banned “usury” extensively over two millennia. I say “Bravo” to Hindenburg Research for having the balls to call it for what it is, and even more so for profiting from the downfall of Block.
I absolutely look forward to their future reports, and maybe one day I’ll get in on a short with them. Beautiful stuff. I love it.