Hindenburg's Nate Anderson stands by Adani report: 'No threat behind closure'

Nathan Anderson, founder of American short-seller firm Hindenburg Research, has said he did not close the firm after nearly eight years due to legal threats, personal issues, or external pressure.

 

In conversation with news agency PTI, Anderson emphasised that he stands by all of Hindenburg’s reports, including the controversial January 2023 'expose' on Adani Group, which accused the conglomerate of engaging in "the largest con in corporate history."

 

'Media reports led to investigation into Adani Group'

According to Anderson, Hindenburg’s investigation into Adani Group stemmed from "red flags" highlighted in media reports, leading to a deeper examination of the conglomerate's operations. The report, which alleged the use of tax havens to inflate revenues and manipulate stock prices, triggered a massive drop in Adani Group's stock value by over $150 billion, though the losses were eventually recovered. The Adani Group has consistently denied the allegations.

 

 

In response to rumours suggesting Hindenburg’s ties to anti-India groups such as the Organised Crime and Corruption Reporting Project (OCCRP) and billionaire George Soros, Anderson dismissed them as "goofy conspiracy theories," reaffirming that his firm has always operated independently and avoided feeding into baseless claims.

 

On his decision to shut down the firm, Anderson explained that Hindenburg became synonymous with his personal brand, making it impossible to hand it over to anyone else.

 

“If it was a software application or a bicycle factory, you could sell it. But when it's research driven by me, you can't just pass that off,” he said.

 

Anderson, who gained prominence with a report on electric truck company Nikola and took on major financial figures like Carl Icahn, cited the intense and relentless nature of his work as the primary reason for his retirement. Despite facing attempts to infiltrate his system and being trailed during many of his investigations, Anderson is firm in his decision, citing no specific threats or personal crises influencing the move.

 

'We 100 per cent stand by our report against Adani'

In his final remarks on the Adani Group report, Anderson said, "We 100 per cent stand by all of our research findings." He also addressed the allegations regarding sharing reports with hedge funds, stating that Hindenburg has always maintained editorial control and complied with all applicable laws in its reporting practices.

Hindenburg earned $4 million with Adani report

Founded in 2017, Hindenburg Research made money by placing bets against companies it investigated, profiting from their stock price declines after exposing fraud and corporate abuses. Despite its significant impact, the firm made relatively modest earnings from the Adani report, reportedly around $4 million.

 

Anderson expressed a desire to move on from Hindenburg and spend more time with family and friends. “It has come at the cost of missing a lot of the rest of the world and the people I care about,” he wrote in a personal memo. “I now view all of this as a love story.”