New Delhi: Nathan Anderson, the activist short-seller behind Hindenburg Research, has reaffirmed his commitment to the findings of his firm's high-profile January 2023 report on the Adani Group, which accused the conglomerate of orchestrating “the largest con in corporate history.” Despite announcing the closure of
Anderson asserted that the decision was not influenced by legal threats, and emphasized that he stood by all of Hindenburg’s reports.
In a statement to PTI, Anderson explained that the Hindenburg report on Adani Group came after following “red flags” raised in media reports. He rejected conspiracy theories suggesting that his firm was linked to anti-India groups like OCCRP or financier George Soros, calling such allegations “goofy conspiracy” and reaffirming that his team never entertained such unfounded claims.
The report, which alleged that Adani Group used offshore entities to inflate revenue and manipulate stock prices, led to a temporary loss of over USD 150 billion in the conglomerate’s market value, although it eventually recovered. The Adani Group has continually denied the allegations. Anderson stated that the Hindenburg team always relied on extensive forensic financial research to back up their findings, emphasizing their dedication to transparency in corporate governance.
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Hindenburg, which was founded by Anderson in 2017, was renowned for exposing corporate fraud and uncovering abuses, which often resulted in significant market disruptions. Anderson’s report on the Adani Group was just one of many that caused stock prices of companies to plummet due to the disclosures. However, Anderson clarified that the firm’s model of working with hedge funds and using its own capital was entirely legal, and all disclosures had been made in accordance with applicable laws.
The 40-something Anderson, whose firm made just over USD 4 million from the Adani report, announced in January 2023 that Hindenburg would be winding down after completing its pipeline of investigative work. He dismissed rumors that the closure was related to personal issues, threats, or regulatory investigations. Instead, Anderson shared that the intensity of the work and the toll it took on him personally were key factors in his decision to step away.
Despite the controversies surrounding Hindenburg’s reports, Anderson maintained that his firm had always aimed to bring transparency to the markets. He added that Hindenburg’s research had led to several fraud charges and indictments, contributing to the exposure of corporate corruption. Anderson concluded by stating that his work had come at a personal cost, but it was also a love story—one in which he had shaken the empires he believed needed shaking.
Though Hindenburg has officially closed, Anderson indicated that his team could potentially start a new venture under a different brand. However, he remains resolute in his commitment to the values of transparency and accountability that guided his work over the past eight years.
Nathan Anderson’s personal message on Hindenburg's closure
With PTI inputs
