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Jack Dorsey, co-founder of Twitter and the payments company Block, saw his net worth fall by $526 million, or 11%, to $4.4 billion after a US-based research group led by Nathan Anderson accused Block of deceiving investors in a report on March 23.

Currently, Dorsey is not included on the Bloomberg Billionaires Index’s recent list of the 500 richest people in the world. He was previously listed on the Index at position 456 on March 22 with a net worth of $5.41 billion, according to Insider’s analysis of the Index on Wednesday.

Block, based in San Francisco, is the parent company of the payments platform, Square. It also operates other companies, such as the money transfer software Cash App and the Afterpay buy-now, pay-later platform.

Majority of Dorsey’s fortune comes from his $3 billion ownership in the payments company, where he is currently “block head” and chairman, thus, the share price decrease at Block affected his net worth. Additionally, Twitter, which Elon Musk took private in October 2022, still has a $388 million stake that Dorsey still owns.

Block, formerly known as Square, is accused by a US short seller of misleading investors “with inflated metrics” and facilitating fraud.

“$SQ has embraced one very underbanked segment: criminals. When users were caught engaging in fraud, $SQ would blacklist the account but not ban the user,” Hindenburg Research tweeted on Thursday, referring to Block by its listing symbol on the New York Stock Exchange.

The stock debuted on the New York Stock Exchange in November 2015.

After Hindenburg’s report, Block’s stock price fell as much as 22% before Thursday’s close, when it was 15% lower at $61.88 per share. In after-hours trading, they decreased 0.5%.

Block referred to its public statement regarding Hindenburg’s article rather than directly responding to Insider’s request for comment regarding its share price decrease that affected Dorsey’s fortune.

For the “factually inaccurate and misleading report,” Block stated in the March 23 statement that it intended to collaborate with the Securities and Exchange Commission and consider legal action against Hindenburg. It stated that the primary purpose of Hindenburg’s attacks is to “solely allow short sellers to profit from a declined stock price.”