Washington. Hindenburg Research, the US short-selling firm that shook the Adani Group, is closing its ‘shop’. Its founder Nathan Anderson announced on Wednesday that he has decided to shut down the company, ending an era of ground-breaking financial investigations. The founder of Hindenburg told about his journey, struggles and successes through an emotional X post. Anderson wrote in the note, “The plan was to shut it down after completing the ideas we were working on. That day is today.”
Since its inception in 2017, Hindenburg Research has earned a name for exposing fraud, corruption and mismanagement in the industry. About the firm’s achievements, Anderson shared, “We shook some empires that we felt needed to be shaken.” Adani Group was one of them. He credited the support of his family, friends and a dedicated team of 11 people for turning Hindenburg into a powerhouse of financial investigation.
In January 2023, 40-year-old Anderson created a stir all over the world by publishing a report accusing Gautam Adani’s Adani Group of fraud and fraud. According to the Bloomberg Billionaires Index, Gautam Adani was the fourth richest person in the world at the time.
Anderson also published reports on Dorsey’s Block Inc and Icahn’s Icahn Enterprises. At the time, Gautam Adani said that Hindenburg Research’s report against the Adani Group was not only to destabilize the group but also to defame India politically.
According to Bloomberg, the collective wealth of the three took a hit of $99 billion that year. Whereas, his publicly traded companies lost $173 billion of market cap.
Shared initial struggles
Sharing his initial struggles, Anderson said that he started the firm without any financial background. At that time, he had neither financial resources nor connections in the industry. He admitted, “When I started it, I doubted that I was capable.”
He also said, “I didn’t have a traditional finance background. None of my relatives are in this field. I went to a government school. I’m not a smart salesman. I don’t know the right clothes to wear. I can’t play golf.” According to a report, the firm initially faced three lawsuits and financial difficulties, which brought Anderson to the brink of eviction, with a newborn baby at home.
“It’s very easy to succumb to negative thoughts and believe what others think. Especially when things look bad. But it is possible to break through. I was passionate about this, and I kept pushing it forward despite my fears and insecurities.”
Why did he decide to shut down
Anderson clarified about the decision to shut down the firm that the decision to shut down Hindenburg was a very personal decision. He said, “There is no one thing in particular – no particular threat, no health issue and no major personal issue.”
What is Anderson going to do now
Anderson also shared plans to open-source the knowledge and process developed by Hindenburg. He said, “Over the past several years, we have received thousands of messages from many of you asking how we do what we do.” Anderson said, “Over the next six months, I plan to work on a series of open-source materials and videos about every aspect of our model and how we do our investigations.”
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