Jack Dorsey, founder of the mobile payments company Block, lost 15.4% of his fortune after the American short-selling company, Hindenburg Research, published a report alleging fraud in his company.
Hindenburg accused Block of fraud by inflating the value of its share by lying and manipulating internal numbers, which enabled Jack Dorsey and his partner, Jim McKelvey, to make large profits.
Following the publication of the report on Thursday, Block's stock fell as much as 22%, before closing down 15%.
Bloomberg reported that the fortune of Dorsey - the former CEO of Twitter - immediately fell by $ 761 million, to reach $ 4.2 billion.
Following the stock's decline, the telephone payments company threatened to take legal action against the Hindenburg.
Most of Dorsey's wealth is associated with the "Block" company, as his stake in the company is valued at $ 3 billion.
Dorsey was born on November 19, 1976, in St. Louis, Missouri, to an American father and an Italian mother. Rola studied at the University of Missouri in 1995 for two years, then moved to New York University, leaving before his last semester of graduation, to devote himself to creating a Twitter company.
Dorsey set up his first company in 2000 in Auckland and specialized in sending mail, emergency services and taxis over the Internet. One of his most notable achievements is co-founding Twitter on March 21, 2006.
In 2010, Dorsey co-founded, with Jim McKelvey, a small business platform that accepts debit and credit card payments on a small, mobile-connected device called Square. Later, the "Square" program was converted into a free application on phones, and its name was changed to "Block".
Source: websites