Adani-baiter Hindenburg Research has shut down. The company which cost Adani billions with its damaging investigative reports alleging “brazen” corporate fraud, is shutting shop with its founder Nathan Anderson saying that it was planned with all investigations now complete.
Anderson said “The plan had 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.”
He said his 11-member team, whom he described as “ruthless assassins capable of world class work”, come from non-traditional backgrounds, meaning not finance. But their investigations resulted in civil and criminal charges against 100 individuals including billionaires and oligarchs.
“We shook some empires that needed shaking,” said Anderson, confirming that the team members are going off on separate independent ventures, with some establishing their own research organisations.
Adani apart, Hindenburg also went after electric-truck maker Nikola claiming it had deceived investors about its technology; it accused Icahn Enterprises of overvaluing its holdings, wiping off nearly $3 billion of its net worth; it alleged that Twitter founder Jack Dorsey’s payments firm Block Inc had overstated user numbers and understated customer acquisition costs.
Anderson said that he felt the need for work-life balance, but also intended to share his investigative expertise with the public.
“My hope is … in a couple of years I will get an unsolicited message from someone who reads this, who embraces the same passion, learns the craft and finds the confidence to shed light on a subject that needs it, despite the obstacles in your way.”
He recalled his early struggles, the lack of background in finance, the fact that he went to a state school and had no relatives in the investigation field.
“I can’t play golf, I’m not some superhuman that can function on four hours of sleep. In most of my jobs I was a good worker but mostly looked over. I had no money when I started.”
His statement included nothing about the Adani’s but his January 2023 report triggered a massive $150 billion decline in the group’s share price. That was then. Reports say the group’s shares rallied 9% after Hindenburg Research announced it was shutting down.
