On the 2nd of May, Andrew Left, an activist, and a short seller made a bearish statement on Square Inc. a financial company. He’s usually known for throwing explosive comments on companies. He recently tweeted on his twitter page ridiculing Square Inc. saying:
“WallSt drunk on Bitcoin Nonsense, Square Inc. to BTC trading has been insignificant.”
The CFO of Square Inc. replied to Andrew’s twitter remarks saying:
“Bitcoin is a very small part of the business.”
Square Inc. is a $19 billion financial company which deals with a merchant services aggregator is based in San Francisco, California. The company had recently seen a drop in its revenue earlier this year. Andrew Left also made a remark on its poor performance.
Andrew Left is the founder of Citron Research and recently in an interview said that even though people dislike Bitcoin and disregard it, it is the leading narrative. The core market is now just out of sight; the main focus is on the bitcoin.
As reported, Andrew also said that the cause of the drop in revenue is because no one cares about the core business. Left also believes that the Square Inc.’s stock fell down because of the bitcoin mania.
“I remember Square Inc. came I liked it was innovative, but now it’s just mainstream. a lot of company.”
Alex Barry replied to Citron research says:
“Never heard of this crappy research firm before, but calling Bitcoin “nonsense” just goes to show how behind the time they are. Their entire firm is ‘nonsense’”
Brenden a Twitterati says:
“He’s right sometimes too. Remember VRX and lfin …. Bitcoin is not a predictable asset…. don’t think there’s a correlation between stocks and BTC either to be honest so one isn’t predictive of the other. Could be 100k in five years or 1k… for me, it’s worth the gamble. Don’t bet it all”
Lou another Twitterati says:
“So glad you guys called him out on this. Bitcoin was just announced a few months ago. Has nothing to do with their current business! $SQ is undeniably the leader in small/mid sized business POS, inventory and marketing services. And more!”
Ed Devlin says:
“CME Group funds Citron Research which is what SEC_Enforcement needs to stop overlooking. Time for a global, sleepless trading platform run on the Blockchain to help end WS corruption and the useless jobs it creates. Left in jail”
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