Hindenburg Research, the prominent US-based short seller known for targeting several high-profile business entities, including the Adani Group, is set to disband, according to its founder Nate Anderson.
In a statement published on the firm’s website, Anderson announced, “I have decided to wind down Hindenburg Research. This has been the plan for some time, as we approach the conclusion of the ideas we’ve been working on.” He clarified that the decision was not influenced by any external threats or personal issues.
Hindenburg gained global attention for its January 2022 report accusing the Adani Group of financial irregularities, which the conglomerate dismissed as “baseless lies” and “calculated attacks on India.” Despite the allegations, the Indian Supreme Court later gave the Adani Group a clean chit, with experts labeling Hindenburg’s claims as unfounded.
The short seller reignited its campaign against the Adani Group in August 2024, accusing the energy-to-ports conglomerate of misconduct. Adani Group rejected these allegations as “recycled claims” that had previously been discredited.
Reflecting on the impact of Hindenburg’s actions, Gautam Adani, chairman of the Adani Group, described the 2022 short-selling attack as a defining moment for his company. “It was a dual assault—on our financial stability and within the political sphere. This was a calculated move that taught us profound lessons in resilience and leadership,” Adani stated in September 2024.
Hindenburg also targeted individuals, including India’s market regulator chief Madhavi Puri Buch and her husband, accusations that were widely criticized as attempts at “character assassination.”
The announcement to disband Hindenburg comes shortly after Republican Congressman Lance Gooden raised concerns over a US government investigation into Adani Group companies. In a letter to Attorney General Merrick Garland earlier this month, Gooden questioned the necessity of the probe, warning it could jeopardize America’s global alliances.
As Hindenburg Research prepares to shut its doors, it leaves behind a legacy of controversy, scrutiny, and debate over the ethics and impact of activist short-selling.
