block inc Q CEO Jack Dorsey’s Assets shrank by $526 million Thursday after the short sale Hindenburg research published a bearish report on the company.

What happened: Dorsey is worth $4.4 billion after suffering a loss of 11% of his net worth. reported Bloomberg, citing data from its Billionaire’s Index.

The index estimates Dorsey’s stake in Block is worth $3 billion while his position in the Elon Musk-own Twitter is $388 million.

On Thursday, Block’s shares fell nearly 15% after Hindenburg said Block is taking advantage of people it claims to be helping by masquerading its “predatory” loans as disruptive technology.

Why it matters: An earlier disclosure by Hindenburg on India Adani group made a billionaire Gautam Adani Falling out of the 10 richest list.

The report, released in January, also led to the scrapping of a proposed $2.5 billion stock sale by Adani’s flagship Adani Enterprises.

Block hit back at Hindenburg and called the short seller’s report “misleading” and “factually incorrect”.

The Dorsey-led company said it was “heavily regulated” and, as a public company, had regularly made public disclosures.

Price promotion: On Thursday, Block shares closed 14.8% lower at $61.89 in the regular session, falling another 0.6% in after-hours trading Data from Benzinga Pro.

Continue reading: Cathie Wood fends off Hindenburg attack on Jack Dorsey’s block with $21M stock purchase – lowers huge Tesla stake