Mobile Pay Service Square Shares Fall After Stock Commentator Slams Bitcoin Strategy

Shares of financial services and mobile payment company Square dropped Monday after a critical tweet by short-seller Andrew Left’s Citron Research, CNBC reported April 30. Citron claimed excitement for Square’s Bitcoin (BTC) trading solution was exaggerated.

Citron called Square a “collection of yawn businesses” in a tweet Monday afternoon, adding that the payment operator’s “SQ-Cash to BTC trading has been insignificant”. Immediately afterwards, Square’s stock dropped 3.8 percent to $45.76 per share. The price then recovered most of its losses and closed at 0.48 percent lower than its start-of-day value.

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