5 Stocks Insiders and Billionaires Are Crazy About

2. Block Inc (NYSE:SQ)

Number of Billionaire Investors: 17

Payments giant Block Inc (NYSE:SQ) ranks 2nd in our list of the stocks insiders and billionaires are crazy about. In November this year, Roelof Botha, a director at Block Inc (NYSE:SQ), loaded up on 540,000 shares of Block Inc (NYSE:SQ) at $50.89 apiece.

A total of 17 billionaires in Insider Monkey’s database had stakes in Block Inc (NYSE:SQ) as of the end of the third quarter.

Here is what Baron FinTech Fund has to say about Block, Inc. (NYSE:SQ) in its Q3 2023 investor letter:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to a confluence of factors, including slowing growth, a brief system outage, and the departure of a key executive who ran the Square business segment. Ongoing investor concerns over consumer spending and a recession did not help sentiment. Nevertheless, Block reported strong quarterly results with 27% gross profit growth and adjusted EBITDA more than doubling. We believe Block’s businesses are resilient, and greater management focus on cost discipline should drive further margin expansion. We continue to own the stock due to Block’s long runway for growth, durable competitive advantages, and track record of innovation.”