Nathan Anderson, the founder of Hindenburg Research, has announced that he will disband the firm. Hindenburg Research gained attention for its reports that sparked heavy short-selling and investigations into companies like India’s Adani Group and US-based Nikola, resulting in billions of dollars in market value losses.
Nathan Anderson, who founded Hindenburg Research in 2017, announced that he would disband the firm, citing the "rather intense, and at times, all-encompassing" nature of the work as the reason for his decision. He announced in a website post on Wednesday.
Anderson, in his letter, explained the decision behind disbanding Hindenburg Research and clarified that there was no single factor prompting his choice, such as a specific threat, health issue, or personal crisis. Instead, he described how the demanding nature of his work had caused him to miss out on other important aspects of life and time with loved ones. Anderson reflected, "I now view Hindenburg as a chapter in my life, not a central thing that defines me."
Anderson, 40, became widely known in January 2023 after publishing a report accusing Gautam Adani’s Adani Group of engaging in “the largest con in corporate history.” At that time, Adani was ranked the world’s fourth-richest person by the Bloomberg Billionaires Index.
In quick succession, Hindenburg Research also published reports targeting Jack Dorsey’s Block Inc. and Carl Icahn’s Icahn Enterprises. However, all three financiers and their businesses strongly disputed Hindenburg's claims.
In the past, Gautam Adani has also claimed that Hindenburg Research’s report about the Adani Group wasn’t just meant to hurt the company, but also to attack India's government practices.However, as Bloomberg reported, in 2023, the combined wealth of Adani, Dorsey, and Icahn dropped by $99 billion, and their companies lost up to $173 billion in market value.
This month, Anderson also went after Ernie Garcia III’s Carvana Co., accusing him and his father of a major “accounting scam.” Carvana quickly rejected these accusations, calling them “misleading and inaccurate.” After that, Carvana’s stock recovered and has risen more than 5% this month.
Nathan Anderson, after working various jobs on Wall Street and struggling to make ends meet through the SEC's whistleblower program, decided to wind up Hindenburg Research as of Wednesday. He has completed the firm’s last projects and handed off tips on suspected Ponzi schemes to regulators. Over the next six months, he plans to create videos and materials about Hindenburg’s investigative methods. His immediate focus is helping his team find their next opportunities.