'No particular threat': US short-seller Hindenburg, which targeted Adani Group, to shut down

Hindenburg Research, a US-based investment research whose reports sparked heavy short-selling resulting in wiping out billions of dollars of Indian businessman Gautam Adani and his companies, is shutting down. The announcement was made by its founder Nate Anderson.

Hindenburg Research, founded in 2017, had targeted several business entities including the Adani Group and US-based Nikola

‘No particular threat, no health issue, & no big personal issue’

In a letter, 40-year-old Anderson said, “… since late last year, I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today.”

“So, why disband now? There is not one specific thing — no particular threat, no health issue, and no big personal issue,” Anderson further said

“The intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me,” he further said.

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Hindenburg reports wiped billions off Gautam Adani’s wealth

In January 2023, Anderson’s Hindenburg made international waves after it published a report accusing Gautam Adani’s Adani Group of “pulling the largest con in corporate history".

It continued publishing reports throughout 2023 that led to substantial financial repercussions for Adani. All the charges were denied by Adani and his companies.

Following Hindenburg’s accusations, a massive chunk of Adani Group’s market value was wiped off. The group, however, made good most of the stock market losses later.

According to the Bloomberg Billionaires Index, Gautam Adani ranked as the world’s fourth-richest person at the time.

Hindenburg surprise shutdown

The surprising announcement by Anderson of shutting down Hindenburg comes within days of a Republican Congressman, a member of the House Judiciary Committee, asking the Department of Justice to preserve all the documents and communications related to the investigations of Adani and his companies.

The announcement also comes days before Trump takes office on January 20.

What’s next for Hindenburg founder Nathan Anderson

Anderson, in an interview to The Wall Street Journal, said that he looks forward to taking up hobbies, travelling and spending time with his fiancée and their child.

Anderson further said that he has earned enough money to provide for them in the future and also plans to invest his money in index funds and other low-stress investments.

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For now, Anderson said, he would be focusing on making sure everyone on his team lands where they want to be next.

“Some are going to start their own research firm, which I will strongly and publicly encourage, even as I will have no personal involvement. There are others on our team who are now free agents—so feel free to reach out to me if you have a need for anyone who is brilliant, focused, and easy to work with, as they all are,” Anderson said.

With inputs from agencies