RATE Group | Square shares drop after short seller Citron calls bitcoin strategy ‘nonsense’
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Square shares drop after short seller Citron calls bitcoin strategy ‘nonsense’

30 Apr Square shares drop after short seller Citron calls bitcoin strategy ‘nonsense’

Posted at 19:47h in Bitcoin News by

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Shares of Square fell Monday after noted short-seller Andrew Left’s Citron Research said excitement over the payments processor’s bitcoin trading product was overdone.

The stock briefly lost 3.8 percent to $45.76 a share before recovering some of its losses.

Square is a “collection of yawn businesses,” Citron said in a tweet Monday afternoon. “WallSt. drunk on Bitcoin nonsense. SQ-Cash to BTC trading has been insignificant. Even w/ hyper growth still 40% too rich.”

Citron also set a short-term

on the stock, or 36.9 percent below Friday’s close.

Shares are little changed…

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