The founder of Hindenburg Research has decided to dissolve the short-selling firm whose report wiped tens of billions of dollars from the market capitalization of companies such as India's Adani Group and Icahn Enterprises.
Nate Anderson, who started Hindenburg in 2017, cited the cost of the work's “pretty intense and sometimes all-encompassing” nature as a reason for his decision. Note has been published on wednesday.
“The plan was to finish after we finished the pipeline of ideas we were working on,” he said. “That day is today.”
Hindenburg is best known for its bet against Indian conglomerate Adani Group in 2023, which wiped out more than $100 billion in the value of the group's shares.
It also pursued electric truck maker Nikola in 2020, followed by Icahn Enterprises LP and Jack Dorsey's Block in 2023.
“So over the next six months or so, we'll be working on a series of materials and videos to open source every aspect of our model and how we conduct our research,” Anderson said.
