Wirecard CEO resigns as $2 billion goes missing and fraud claims fly
More than $2 billion has gone missing at one of Europe's most vaunted tech companies. If it's not found quickly, the digital payments firm may never recover.
Wirecard delayed the publication of its 2019 financial results Thursday, saying its auditors couldn't account for €1.9 billion ($2.1 billion) in cash. Then on Friday, the German company's CEO, Markus Braun, resigned. Investors reacted by pushing shares in the company down by more than 75% over two trading sessions.
"Without a very concise explanation in short order, we fear Wirecard is headed to zero," said Jasper Lawler, head of research at London Capital Group.
Founded in 1999, Wirecard was once considered one of the most promising tech firms in Europe. It processes payments for consumers and businesses, and sells data analytics services. The company, which has nearly 6,000 employees in 26 countries around the world, reported revenues of over €2 billion ($2.2 billion) in 2018, or more than four times the figure from 2013.
https://www.msn.com/en-us/money/companies/wirecard-ceo-resigns-as-dollar2-billion-goes-missing-and-fraud-claims-fly/ar-BB15IVMv?li=BBnbfcN&ocid=DELLDHP
A man after Trump's own heart.
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