Delhi (India), January 16 (HBTV): Nathan Anderson, founder of Hindenburg Research, has announced his decision to disband the firm 'due to the demanding nature of the work.'  Hindenburg Research, founded in 2017, gained international attention for its investigative reports that triggered significant market impacts, including heavy losses for India’s Adani Group and US-based Nikola.

In a statement published on Wednesday, Anderson explained that the “intense and all-encompassing” nature of the work led to his decision. ‘There is not one specific thing — no particular threat, no health issue, and no big personal issue,’ he wrote. ‘The intensity and focus have come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me.’

Hindenburg made headlines in January 2023 when it published a report accusing Gautam Adani’s Adani Group of “pulling the largest con in corporate history.” At the time, Adani ranked as the world’s fourth-richest person, according to the Bloomberg Billionaires Index.

The firm also released reports on Dorsey’s Block Inc. and Icahn’s Icahn Enterprises, all of which adamantly denied the allegations. Despite their denials, these reports led to significant market losses. In 2023 alone, the companies collectively lost as much as $173 billion in market value, while the wealth of the individuals involved fell by an estimated $99 billion, Bloomberg reported.

In his final months at Hindenburg, Anderson targeted Carvana Co., accusing Ernie Garcia III and Ernie Garcia II of engaging in “an accounting grift for the ages.” Carvana dismissed the claims as “intentionally misleading and inaccurate,” with its stock recovering and gaining over 5% this month.

Before founding Hindenburg, Anderson worked various roles on Wall Street and attempted to earn a living by submitting tips to the Securities and Exchange Commission’s whistleblower program. However, these efforts struggled to generate significant income.

Anderson revealed plans to conclude the firm’s operations after completing its remaining investigations and handing over tips on suspected Ponzi schemes to regulators. Over the next six months, he intends to create educational materials and videos detailing Hindenburg’s investigative model.

‘For now, I will be focused on making sure everyone on our team lands where they want to be next,’ he said.

(With inputs from Hindustan Times, Reuters, Bloomberg)