Hindenburg Research, the firm known for its high-profile report on Indian billionaire Gautam Adani, announced its closure on Thursday. The company gained global attention after its 2023 investigations into the Adani Group led to a $150 billion selloff in the conglomerate’s shares. The impact of Hindenburg’s report wiped billions off Adani’s wealth, leading to a wave of financial scrutiny, though Adani and his companies have consistently denied the allegations.
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The closure of Hindenburg comes after its team completed its final pipeline of investigative projects. Founder Nathan Anderson explained that the decision to shut down had been in the works for months as the firm’s goals had been achieved. “The plan has been to wind up after we finished the pipeline of ideas we were working on,” Anderson said, referring to their last completed investigations on alleged Ponzi schemes.
In his post, Anderson recounted the firm’s origins. The company began with minimal funding and no formal finance background. In its initial days, Hindenburg faced immediate legal challenges, including multiple lawsuits.
A Personal Note From Our Founderhttps://t.co/OOMtimC0gV
— Hindenburg Research (@HindenburgRes) January 15, 2025
Despite the setbacks, Anderson said that the support he received from whistleblower lawyer Bryan Wood during this challenging period, was very influential in the growth of the company.
Hindenburg Research was founded in 2017 and it grew into a team of 11 by 2020. The firm earned recognition for its research that often uncovered fraudulent activities. Some of these investigations also lead to legal actions against high-profile figures in business and finance.
Anderson now plans to spend the next six months sharing his firm’s investigative techniques by creating open-source resources.
In his post, Anderson also explained that his decision to close the firm was driven by a desire for better work-life balance and also with an intention to pass on Hindenburg’s method to the world.
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Despite the announcement of firm’s closure, Anderson has expressed confidence that his team members would continue to make a significant impact in investigative research.
He also disclosed that some members of Hindenburg are planning to start their own ventures. At last, Anderson expressed gratitude towards his family, friends, and supporters.
Adani Enterprises, the flagship company of the Adani Group, experienced an increase in the price of its shares on Thursday. The share opened at Rs 2,500.00 ($28.91), up from the previous day's Rs 2,388.15 ($27.62). However, the stock dipped slightly after the opening but continued holding a strong position following the announcement of Hindenburg's shut down