Hindenburg founder who targeted Adani, Carl Icahn calls it quits

 Hindenburg Research’s founder has decided to disband the short-selling firm whose reports erased tens of billions from the market values of companies including India’s Adani Group and Icahn Enterprises.

Nate Anderson, who started Hindenburg in 2017, cited the toll of the “rather intense, and at times, all-encompassing” nature of the work as the reason for his decision, in a note published on Wednesday.

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Nate Anderson, who started Hindenburg in 2017, cited the toll of the “rather intense, and at times, all-encompassing” nature of the work as the reason for his decision.The Washington Post via Getty Images

“The plan has been to wind up after we finished the pipeline of ideas we were working on,” he said. “That day is today.”

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Hindenburg is best known for its bet against Indian conglomerate Adani Group in 2023 that led to more than $100 billion in value wiped off the group’s shares.

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Hindenburg is best known for its bet against Indian conglomerate Adani Group in 2023 that led to more than $100 billion in value wiped off the group’s shares. Founder Gautam Adani, above.Bloomberg via Getty Images

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Carl Icahn’s Icahn Enterprises has also been a target of Hindenburg.Bloomberg

It has also gone after electric truck maker Nikola in 2020, Icahn Enterprises LP in 2023 and Jack Dorsey-led Block.

“So over the next 6 months or so I plan to work on a series of materials and videos to open-source every aspect of our model and how we conduct our investigations,” Anderson said.

https://nypost.com/2025/01/15/business/hindenburg-founder-nate-anderson-disbanding-short-selling-firm/