Before you dig into this stupid rant, make sure you read this report. If you haven’t read it, you won’t understand what the fuck I’m talking about.
The latest slam page written by Hindenburg Research is about Jack Dorsey’s predatory credit and payment companies. It’s a well-written and concise report with testimony from former employees of Block. This report goes above and beyond statements of facts about why a company may go solvent. It actually points to strategic and valid reasons a company should go solvent based on the impact it has on society. Honestly, I see this is an entirely new field of short-selling and I find it fascinating.
We also believe Jack Dorsey has built an empire—and amassed a $5 billion personal fortune—professing to care deeply about the demographics he is taking advantage of. With Dorsey and top executives already having sold over $1 billion in equity on Block’s meteoric pandemic run higher, they have ensured they will be fine, regardless of the outcome for everyone else.
That last line is the pretty little bow tied neatly on the severed horse head delivered directly to Block, who responded with what has largely been regarded as a very tepid “NO U”. So far we’re seeing Block shares slide in double digits as a result of the speculation around claims made by Hindenburg Research. It makes me wonder, though; Are markets going to respond accordingly to light being shed on points such as these? Even more so than that, do investors actually give a shit? If crime is viable, what are the risks? With anything build in darkness and brought to the light, the biggest risk will be society snubbing such things en masse, not just at Block but everywhere. It hasn’t happened yet, as predatory lending is everywhere, so what really are the risks?
Honestly, I think only time, and a few more reports from Hindenburg Research, will tell.
Still though, it’s kinda nice to see Jack Dorsey get hammered for being such a self righteous cunt.