Why are Block, Brainchip, Chalice Mining, and Weebit Nano shares sinking today?

These ASX shares are having a very tough time on Tuesday.

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The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Tuesday. In afternoon trade, the benchmark index is down 0.35% to 7,203.8 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down 4.5% to $78.98. Investors have been selling this payments company's shares today after it revealed that the CEO of its key Square business, Alyssa Henry, will leave the company at the start of next month. Jack Dorsey, the company's Head and Chairperson, will take on the role of Square CEO.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down over 10% to 24.7 cents. This is despite there being no news out of the struggling semiconductor company. However, it is worth noting that Brainchip was kicked out of the ASX 200 index at this month's rebalance, so that could be having some impact. Outside this, speculators may finally be giving up on the meme stock after its terrible run and lack of revenue generation. Unfortunately, with a market capitalisation still over $400 million, there could be plenty more declines to come.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down over 4% to $2.69. This mineral exploration company's shares have been hammered this month following the release of its scoping study. Investors appear concerned by the lengthy wait before production commences and the ambitious commodity price forecasts used by the company.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 7.5% to $3.54. Short sellers appear to be coming after this semiconductor company after it was added to the ASX 200 index. A recent substantial shareholder notice shows that Mitsubishi UFJ Financial Group is betting heavily on the Weebit Nano share price crashing lower from current levels.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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