Hindenburg Research Winds Up Operations After Targeting Adani Group, Others

Hindenburg Research, the American short seller that gained attention for its reports alleging financial misconduct by business empires including the Gautam Adani-led Adani Group, is shutting down. The short seller’s founder, Nate Anderson, calling Hindenburg a chapter of his life, announced the move in a statement on Wednesday. 

Hindenburg Research completed its last Ponzi case and submitted its report with the regulators, the founder added. He didn’t specify any reason behind the closing down of the short seller. 

“...I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finish the pipeline of ideas we were working on,” said Nate Anderson. “There is not one specific thing- 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,” the Hindenburg Research founder added. 

The short seller was founded in 2017 and in nearly 8 years of its journey published several reports accusing large companies of financial errors and misrepresentations. 

“We shook some empires that we felt needed shaking,” Anderson added in his statement. 

Companies on Hindenburg's Radar

Industrialist Gautam Adani’s empire first came under the Hindenburg’s radar in January 2023 when it first published its report titled “Adani Group: How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History”. In its report the short seller accused the Adani Group of stock manipulation and financial misconduct. Later in 2024, in another report, it accused the securities and exchange board of India’s (Sebi) chief Madhabi Puri Buch and her husband, Dhaval Buch’s involvement in the Adani Group’s offshore funds scandal. 

Apart from the Adani Group, the short seller has also targeted gaming platform Roblox. In its report, Hindenburg accused the gaming platform of cheating investors, regulators and advertisers regarding the number of “people” on its platform. Additionally, it also alleged that Roblox prioritised profits over child safety as it allowed illicit content unsuitable for children on its platform. 

“Our in-game research revealed an X-rated pedophile hellscape, exposing children to grooming, pornography, violent content and extremely abusive speech,” the short seller said in its report last year. 

Also Read: What Happened to Adani After Hindenburg 2.0? Nearly Nothing