New Delhi, January 16,2025: : Hindenburg Research, the US-based short-seller known for its explosive allegations against the Adani Group, has decided to cease operations.
“As I’ve 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 completing the pipeline of ideas we were working on,” founder Nate Anderson revealed in a note on Thursday.
He added, “As of the last Ponzi cases we just finalized and are sharing with regulators, that day is today.”
The firm shared Anderson’s personal note on its official website and on the microblogging platform X. In the note, Anderson offered insights into his challenging journey while reflecting on his decision to close the company. Anderson recounted the early days of Hindenburg Research, when he faced significant financial hardships. “I had no money when I started—and after catching three lawsuits immediately, I quickly found myself with even less than no money,” he shared.
He credited whistleblower attorney Bryan Wood for stepping in during his most difficult times. “I would have failed right at the start had it not been for the support of world-class whistleblower lawyer Bryan Wood, who took on the cases despite my lack of resources. At the time, I had a newborn child and was facing eviction. I was terrified, but I knew staying still would lead to failure. The only option was to keep moving forward,” Anderson wrote. Hindenburg Research gained significant attention in India after accusing the Adani Group of stock manipulation and fraud. The allegations caused a major crash in the shares of Adani Group companies, though the stocks later recovered.
The short-seller also criticized SEBI Chairperson Madhabi Puri Buch, accusing her of having connections to offshore entities allegedly linked to the Adani money laundering case. Both Adani Group and Buch dismissed the accusations as baseless. Anderson stated that the decision to close Hindenburg Research was not taken lightly. He described his journey as both challenging and rewarding, saying he felt “magnetically drawn” to the work.
Hindenburg’s closure marks the end of a controversial chapter in financial investigations. The firm, known for targeting high-profile companies and uncovering alleged fraud, leaves behind a legacy of both criticism and impact.
While some celebrated the firm for holding powerful corporations accountable, others criticized its methods as overly aggressive and damaging. With its disbanding, Hindenburg Research concludes its journey as one of the most polarizing entities in the financial world.
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