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Wednesday, January 15, 2025

MTA installs spikes at NYC subway station to deter fare evaders; straphangers skeptical

 The Metropolitan Transit Authority has rolled out its latest effort to combat fare evasion — this time installing spikes on turnstiles.

The Post spotted workers installing the aggressive-looking apparatus Wednesday along the turnstile handrails at the 59th St./Lexington Ave. stop, which services the N, R, W, 4, 5 and 6 lines.

The pointy panels would make it hurt for people attempting to skip the toll by using the handrails to lift themselves over the turnstiles. But they don’t address a hack used on old gates of pulling on the turnstiles enough to slip through, or of climbing over or underneath them.

Workers were seen installing the shiny new spikes Wednesday.Stephen Yang

Veronica Pisani, 40, a building manager who lives in the Fordham area of The Bronx, said she thought the newly installed metal gear looked “silly and foolish.”

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“I don’t think it’s going to prevent anyone from jumping the turnstiles,” said Pisani, who takes the subway nearly every day.

“I see fare evasion all the time. People will find a way. I just don’t really think this is [an effective] preventative measure,” she said.

“It’s definitely a waste of money.”

A spokesperson for the MTA did not respond to The Post’s inquiry about how much the metal spikes cost or if the transit giant currently has plans to install them at any other subway stations.

Commuters pass by a serrated metal panel installed to deter fare evaders from jumping over the turnstile at the 59th street and Lexington Avenue subway station in Manhattan.Stephen Yang
Some riders ignored the new spikes as they entered the subway system.Stephen Yang

Kristen, a 39-year-old designer and Manhattanite, thought the spikes looked uninviting.

“I think [the MTA] definitely could have used some peer review in regards to the overall feel of [the spikes],” she told The Post. “If the entire point of the subway is that it’s supposed to be used by everyone, [the spikes] very much tell me that it’s for everyone – except a select group of people.”

But perhaps that’s the point.

Fare evasion costs the MTA roughly $500 million annually. The transit giant has been trying for years to recover the lost revenue.

A New York Post reporter defeats the MTA’s new $700k gates by placing her hand over the gate’s exit sensor.Brigitte Stelzer

In 2023, the MTA installed pricy new gates designed to block fare evaders, but the $700k electronic panel doors were shown on TikTok being defeated with a simple hack.

https://nypost.com/2025/01/15/us-news/mta-installs-spikes-at-this-nyc-subway-station-to-stop-fare-evaders/

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.

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.

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
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/