A US-based short-seller that made headlines in 2023 for accusing billionaire Gautam Adani’s conglomerate of decades-long “brazen” stock manipulation and accounting fraud is shutting down.
Hindenburg Research, founded by Nate Anderson in 2017, exposed alleged financial irregularities in various big-name businesses. The firm’s reports led to significant losses for companies, with billions of dollars lost in market value.
Anderson announced his decision to disband the company, citing a desire to spend more time with friends and family. He expressed no specific reason for the shutdown but said he would open-source Hindenburg’s research methodology in the future.
Hindenburg Research gained notoriety for its reports on companies like Nikola Corp, where its founder was found guilty of lying to investors and convicted of fraud. The firm also accused Madhabi Puri Buch, India’s chief market regulator, of having links with offshore funds used by Adani Group, which both she and the Adanis denied.
The shutdown marks the end of a chapter in the high-stakes world of short-selling, where firms like Hindenburg Research bet against stocks of companies suspected of financial wrongdoing.
Source: https://www.bbc.com/news/articles/cx2jyrzg99yo