Hindenburg Research, the US-based investment research firm and short seller famous for its big investigations, like the one on India’s Adani Group last year, announced its closure on Wednesday, January 15. The firm’s founder, Nathan Anderson, cited the “intense and all-encompassing” nature of the work as the reason for this decision.
Founded in 2017, Hindenburg gained global attention for its hard-hitting reports that often led to major market disruptions and regulatory probes. Among its most notable investigations was the report on India’s Adani Group last year, which triggered a historic $173 billion erosion in the market value of its listed companies. The fallout prompted Adani Group Chairman Gautam Adani to label the report as an attack on his business empire and India’s governance image.
“I have made the decision to disband Hindenburg Research,” Anderson wrote in a detailed note on the firm’s website. He revealed that the decision had been shared with family, friends, and the team since late last year.
The firm’s work has left a significant impact on financial markets. Anderson stated that nearly 100 individuals, including “billionaires and oligarchs,” faced civil or criminal charges partly due to Hindenburg’s investigations.
Hindenburg’s latest target, earlier this month, was the US-based auto retailer Carvana Co., accused of “accounting grift.” The company dismissed these allegations as “intentionally misleading and inaccurate.”
The announcement marks the end of a six-year journey during which the firm exposed fraud and corporate misconduct on a global scale. Anderson outlined plans to “open-source” Hindenburg’s investigative model, providing materials and videos over the next six months. This initiative aims to enable others to carry forward similar work in the future.
Hindenburg’s 11-member team will now pursue individual paths. While some plan to establish their own research firms, Anderson clarified that he would not be personally involved in these ventures.