Hindenburg Research, whose report made Gautam Adani lose billions, to shut down

The founder of the US based short Seller-Hindenburg Research, Nate Anderson announced on Thursday that he has decided to close down the operations of his investigative firm. Anderson shared this decision through an official statement, he revealed that the decision to disband was not due to any external threats, personal health, or major issues. 

Instead, it was motivated by a desire to step back from the intensity of his work and focus on other aspects of life. He said "As I've shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research". 

He also added "So, why disband now? There is not one specific thing--no particular threat, no health issue, and no big personal issue. Reflecting on his journey, Anderson described the challenges he faced, including financial struggles, lawsuits, and self-doubt.

He stated "I had no money when I started--and after catching 3 lawsuits immediately out of the gate, I quickly had less than no money." 

Now Hindenburg founder Anderson plans to open-source the investigative techniques used by his firm, aiming to inspire others to carry forward the mission of uncovering fraud. He also noted that over the next six months, he will create materials and videos to share the methodology that drove Hindenburg's success. While Anderson's next chapter remains uncertain, he expressed gratitude to his team, family, and readers for their unwavering support.

In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. 

The Adani group has repeatedly denied all the accusations in the Hindenburg Research report. In June this year, while addressing the Annual General Meeting (AGM) of Adani Enterprises, Group Chairman Gautam Adani said they were "faced with baseless accusations made by a foreign short seller, that questioned our decades of hard work."

"In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established," he told the gathering. 

(This story has not been edited by DNA staff and is published from ANI)