Jack Dorsey’s Wealth Takes a Massive Hit as Twitter Shares Slide

Jack Dorsey, the founder of Twitter, has suffered a decline in his wealth due to a drop in the stock prices of companies he has invested in, including Twitter and Block. Bloomberg’s Index shows that Dorsey’s fortune plummeted by $526 million in just one day, resulting in a total net worth of $4.4 billion. This represents an 11% drop in his overall wealth, marking the worst single-day decline since May. The decline followed the release of a report by Hindenburg Research, which accused Block, a company owned by Dorsey, of engaging in fraudulent practices against consumers and the government. The report has not yet been proven, and Block has denied the allegations and intends to take legal action. However, the negative report has affected the stock market prices of the company and, in turn, Dorsey’s net worth. Since most of his fortune is tied up with Block, the decline in the company’s stock prices has resulted in a steep drop in Dorsey’s net worth.