Hindenburg Research Shuts Shop
Moneylife Digital Team 16 January 2025
US short-seller Hindenburg Research, whose reports resulted in wiping out billions of dollars of Indian billionaire Gautam Adani and his companies, has decided to close down the business. Nate Anderson, founder of Hindenburg Research, announced the decision in a personal note on its website.
 
He said, "As I have shared with family, friends and our team 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."
 
Over the past few years, Hindenburg Research had launched a campaign against several companies, including Indian conglomerate Adani group. Its reports published since 2023 had resulted in billions of dollars of loss for Mr Adani. The Adani group has denied all the charges of Hindenburg. 
 
Describing Hindenburg’s journey, Mr Anderson says, "It is very easy to succumb to negative thoughts and believe what others think of you, especially when things feel low. But it is possible to shatter all of that. I was passionate about this and I let that carry me forward despite my fears and insecurities. And then this slowly started to flourish."
 
"We have all worked extremely hard, with a focus on precision and letting the evidence dictate our words. Sometimes, this meant taking big swings and taking on fights that are much bigger than any of us as individuals. Fraud, corruption, and negativity often seem overwhelming. Early on, a sense of justice was usually elusive. When it happened, it was tremendously fulfilling. It kept us going when we needed it," he added.
 
According to Mr Anderson, nearly 100 individuals have been charged civilly or criminally by regulators, at least in part through Hindenburg's work, including billionaires and oligarchs. "We shook some empires that we felt needed shaking."
 
 
Responding to the question of disbanding Hindenburg Research now, the founder says there is no one specific thing—no particular threat, no health issue and no big personal issue.
 
"Someone once told me that at a certain point a successful career becomes a selfish act. Early on, I felt I needed to prove some things to myself. I have now finally found some comfort with myself, probably for the first time in my life...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 added.
 
Responding to a post on X on Hindenburg closure since it 'operated in grey zone', Samir Arora,  founder and fund manager of Helios Capital, a Singapore-based asset management company, says, "Shorts provide valuable research and information and then readers or public may choose to agree or act or not or even take advantage of any fall if they think price action is unjustified. We need more people willing to write negative reports, short stocks, etc, for better price discovery."

 

Comments
david.rasquinha
2 months ago
Crooks like Adani and many others whom Hindenburg exposed can now breathe more easy. And the disgrace called SEBI can continue its ineffectual meanderings.
adityag
2 months ago
One word: Trump.

This is also Darwinian. Hindenberg was too scared to face the music when the day comes. This is blindingly obvious. They shat their pants when Trump was elected.

As for short-sellers, put money where the mouth is. Being short-sellers, while essential part of capitalism and markets, isn't an easy pursuit. Even Bill Ackman couldn't short Herbalife and made losses DESPITE several merits in his famous presentation that it was a Ponzi. Herbalife still exist today after a mere $200 million settlement.
parimalshah1
2 months ago
With ousting of Biden the bully, the main support of Hindenburg Research is gone. It tried its best to derail Indian economy and share market but failed miserably; just as Biden failed miserably in arm twisting India to be against Russia in the R-U war.
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