Hindenburg Research, the U.S.-based investment research firm renowned for its high-profile short-selling reports, is shutting down. The announcement was made by the company&rsquo;s founder, Nate Anderson, on Wednesday, marking the end of an era for a firm that rattled financial giants and caused billions in market valuation losses.
"As I&rsquo;ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research," Anderson said in a statement. "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."
Founded in 2017, Hindenburg Research gained prominence for uncovering alleged corporate fraud and malpractice. Among its most impactful reports was a 2023 expos&eacute; accusing India&rsquo;s Adani Group of "brazen corporate fraud," which led to a $150 billion erosion in the conglomerate&rsquo;s market capitalization. The allegations were strongly denied by Adani and his companies.
The firm also played a key role in the downfall of electric truck maker Nikola. In 2020, Hindenburg accused Nikola of misleading investors about its technology. The revelations led to a $125 million settlement with the U.S. Securities and Exchange Commission (SEC) and the criminal conviction of Nikola&rsquo;s founder, Trevor Milton.
Reflecting on the decision to close the firm, Anderson said there was no singular reason for the timing. "There is not one specific thing&mdash;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 said.
Anderson noted that the intensity of Hindenburg&rsquo;s work came at a personal cost and expressed a desire to spend more time with his family, pursue hobbies, and travel. He also announced plans to open-source Hindenburg&rsquo;s investigative methodology, stating, "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."
Regarding Hindenburg&rsquo;s employees, Anderson assured his support for their next steps. "Some are going to start their own research firms, which I will strongly and publicly encourage. Others are now free agents&mdash;feel free to reach out to me if you need brilliant, focused, and easy-to-work-with professionals," he said.
Hindenburg Research leaves behind a legacy of disruptive financial investigations that reshaped the corporate landscape and brought greater scrutiny to global businesses.

Hindenburg Research, the U.S.-based investment research firm renowned for its high-profile short-selling reports, is shutting down

Hindenburg Research Shuts Down: The Firm That Rocked Adani Group and Shook Financial Empires