The Jack Dorsey-led payments company Block Inc. became the target of a surprise report from US short-seller seller Hindenburg Research, and the company's Indian-American CFO Amrita Ahuja has come under fire for reportedly shorting the company's shares.
Jack Dorsey and James McKelvey, as well as executives Amrita Ahuja, the chief financial officer, and Brian Grassadonia, the lead manager for Cash App, were accused of "dumping millions of dollars in stock" by Hindenburg on Thursday.
Ahuja is an executive who is Indian-American and climbed up through the ranks to take over as CFO of the firm in February of this year.
Ahuja graduated from prestigious schools including the London School of Economics, Duke University, and Harvard Business School.
She previously served with industry giants like Airbnb, McKinsey & Company, and The Walt Disney Company before joining Block in 2019. In 2001, she began her career as an investment banker with Morgan Stanley Consulting. According to a Wall Street Journal report, Ahuja is the daughter of Indian immigrants who ran a daycare center in a Cleveland suburb. She contributed to the establishment of the streaming service Hulu while employed by Fox.
In 2022, Ahuja was featured in Fortune’s Most Powerful Women Summit.
Regarding the report, Hindenburg said, “Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping”.
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