Hindenburg Research, the US-based short-selling firm known for its high-profile attacks on major business entities, including the Adani Group, will be disbanded, according to a statement from its founder Nate Anderson. In a note posted on the firm’s website, Anderson confirmed the decision to wind up the research group, explaining that it had always been the plan to conclude operations after completing their existing pipeline of investigative work.
The announcement comes just days before Donald Trump is set to take office, though Anderson made it clear that the move to shut down the firm was not prompted by any external threats or personal conflicts. The decision is instead tied to the completion of the firm’s ongoing projects.
Hindenburg Research made headlines in 2022 when it published a critical report on the Adani Group, accusing the conglomerate of financial irregularities. The Adani Group dismissed the allegations, calling them “nothing but a lie” and an orchestrated attempt to undermine India. In response to these claims, the Indian Supreme Court later cleared the Adani Group of any wrongdoing. Analysts and experts, including those in India, also rejected Hindenburg’s accusations, further diminishing the short-seller’s credibility.
In August 2024, Hindenburg launched a new round of criticism targeting the Adani Group, which dismissed the allegations as “recycled claims” from its earlier reports. Gautam Adani, the chairman of the Adani Group, responded by describing the attacks as a calculated attempt to destabilize his company. He noted that the assault was not just a financial attack but also a political one, aimed at creating turmoil both in the markets and within political circles.
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Beyond the Adani Group, Hindenburg had also drawn criticism for its tactics, including a controversial focus on Indian markets regulator Madhavi Puri Buch and her husband, accusing the firm of attempting “character assassination.”
The closure of Hindenburg Research follows growing political pressure in the US, with some lawmakers, including Congressman Lance Gooden, questioning the rationale behind government investigations into Adani Group companies. In a recent letter to Attorney General Merrick Garland, Gooden expressed concerns about the potential diplomatic fallout from such probes, suggesting that they could strain international relations.