Australia-listed shares of Block Inc, led by Twitter co-founder Jack Dorsey, plunge as much as 20% after Hindenburg report alleges payments firm overstated its user numbers and understated its customer acquisition costs
Hindenburg's report is seen as a challenge to Dorsey, who co-founded Block in 2009 in his San Francisco apartment with the goal to shake up the credit card industry.
Block said on Friday the report was "factually inaccurate and misleading" and that it was exploring legal action against the short-seller.
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