Hindenburg Research, known for targeting Adani Group, to wind up operations, announces founder Nate Anderson

US-based short seller Hindenburg Research to be disbanded

Hindenburg Research, the US-based short seller known for targeting several major business entities, including the Adani Group, is set to disband, according to founder Nate Anderson.

Founder’s announcement

“I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on,” Anderson stated in a note published on Hindenburg’s website. He clarified that the decision was not influenced by any threats or personal issues.

History of targeting Adani Group

Hindenburg made headlines in 2022 with its report on the Adani Group, which the conglomerate dismissed as “calculated attacks on India” and “nothing but a lie.” The Supreme Court later gave a clean chit to the Adani Group, and experts criticized the short seller’s allegations.

In August 2024, Hindenburg launched another attack on Adani, accusing the energy-to-ports conglomerate of misconduct. Adani Group dismissed the claims as “recycled” and previously debunked.

Adani’s response

Reflecting on the events, Adani Group chairman Gautam Adani called it a “calculated financial attack.” He stated, “This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm.”

Controversies and political ramifications

Hindenburg also targeted India’s market regulator chief, Madhavi Puri Buch, and her husband, allegations dismissed as an “attempt at character assassination.” The short seller’s actions have sparked political debate, including a letter from US Congressman Lance Gooden questioning the US government’s decision to investigate Adani Group companies. Gooden warned that such actions could strain US-India relations.

End of Hindenburg Research

The announcement to wind up Hindenburg Research coincides with significant political changes, as Donald Trump is set to assume office. Anderson’s decision marks the end of an era for the controversial short seller, whose reports have often sparked financial and political storms globally.

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