US-based investment research firm Hindenburg Research, known for its explosive short-selling reports, is shutting down. The announcement was made by its founder, Nate Anderson, on Wednesday, marking the end of a company that shook financial empires and wiped billions off market valuations.
“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 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,” Anderson said.
“We shook some empires that we felt needed shaking,” he said.
Founded in 2017, Hindenburg Research rose to prominence for exposing alleged corporate fraud and misrepresentation. Its reports accused companies of malpractice, leading to severe market value losses.
While Anderson did not cite a specific reason for the timing of the closure, he reflected on his personal journey, saying, “There is not one specific thing—no particular threat, no health issue, and no big personal issue. I now view Hindenburg as a chapter in my life, not a central thing that defines me.”
He added that the intensity of his work came at a personal cost, but he now looks forward to spending more time with his family, pursuing hobbies, and traveling.
The firm’s most notable impact came in 2023 when its report against the Adani Group accused the conglomerate of “brazen corporate fraud,” resulting in a staggering $150 billion erosion in market capitalization. The allegations however were vehemently denied by Adani and his companies.
Hindenburg also played a key role in other high-profile cases, including electric truck maker Nikola. In 2020, the firm accused Nikola of misleading investors about its technology, a claim that led to a $125 million settlement with the US Securities and Exchange Commission and the criminal conviction of Nikola’s founder, Trevor Milton.
While Anderson plans to step away from corporate investigations, he expressed his intent to open-source Hindenburg’s methodology. “Over the next six months, I will release a series of materials and videos to share every aspect of our model and how we conduct investigations,” he said.
As for Hindenburg’s employees, Anderson assured that he would support their next steps. “Some are going to start their own research firms, which I will strongly and publicly encourage. Others are now free agents—feel free to reach out to me if you need brilliant, focused, and easy-to-work-with professionals.”