"On a purely fundamental basis, even before factoring in the...

"On a purely fundamental basis, even before factoring in the findings of our investigation, we see downside of between 65% to 75% in Block shares. Block reported a 1% year over year revenue decline and a GAAP loss of $540.7 million in 2022."

Year over year revenue decline was purely due to downturn in bitcoin. All other parts of the business are growing strong and this is in terms of dollars so you cant say it's due to fake accounts.

Also, to put the downturn in Bitcoin revenue into perspective, as per Block's financial report "while bitcoin contributed 41% and 57% of the total revenue in 2022 and 2021, it only contributed 3% and 5% of the total gross profit for those years respectively. This is why despite year on year revenue declining, gross profit increased by 26%.

Tough reaction by the market to a few dotpoints designed to mislead . Hindenburg have a good track record though in this space so it will hurt. Momentum will be taken from the share price but not the business. Regulation is inevitable but won't change the demand for their products.

Have to cop this one on the chin but does seem very unfair that a short attack like this is actually legal. The idea of Hindenburg going around borrowing shares from holders knowing they were preparing this report and would soon sell all those shares to make a profit. Seems so unethical. No share owner would lend their shares out knowing this is what was going to happen but we don't get to choose, I assume all the broker accounts make money lending our shares out so they stiff us as well. Disappointing but it's a long term investment and let's see how this plays out. Not buying more at this point.