Why did Nathan Anderson shut down Hindenburg Research? Founder opens up on Adani Group

Why did Nathan Anderson shut down Hindenburg Research? Founder opens up on Adani Group

Why did Nathan Anderson shut down Hindenburg Research? Founder opens up on Adani Group ByHT News Desk Feb 04, 2025 10:24 PM IST Share Via Copy Link Nathan Anderson, founder of Hindenburg Research, explained the firm's investigation into the Adani Group was prompted by media-reported red flags. 

Nathan Anderson, the founder of the US-based short-selling firm Hindenburg Research, opened up for the first time on why his firm chose to investigate Adani Group of Gautam Adani.

Hindenburg Research founder Nathan Anderson last month announced the closure of his short-selling firm.(Live Mint)

In an interview with news agency PTI, Nathan Anderson said Hindenburg's January 2023 report, which accused the Adani Group of "the largest con in corporate history" was pursued following "red flags" raised against the conglomerate in media reports.

"We initially saw media articles outlining red flags, took a closer look, and just kept following the evidence," he told PTI on why the Adani group was chosen.

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On being asked if he stood by Hindenburg's reports, particularly against the Adani Group, Anderson said, "We 100 per cent stand by all of our research findings."

He termed as “goofy conspiracy” the attempts by some to link Hindenburg with alleged anti-India groups like OCCRP and George Soros, saying his outlet never commented on them as it followed the policy of not feeding into "silly conspiracy theories".

In a controversial report published in 2023, Hindenburg alleged that Adani Group had used a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up.

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According to the Bloomberg Billionaires Index, Gautam Adani was ranked the world's fourth-richest person at the time of the report.

The conglomerate vehemently denied all claims but the damning report at one point sheared over USD 150 billion off its value, losses it eventually recouped in over a year. This, as it slashed debt, pared share pledges and won new investors.

Anderson's remarks came weeks after he announced shutting down his forensic research firm nearly eight years after he founded it.

On why he chose to shut down Hindenburg when he could have stepped back and passed on the reins of the company to someone else, he said there is “no way to separate me from the brand”.

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"Hindenburg is basically synonymous with me," he said. "If it was a software application or a bicycle factory you can sell the application or the factory. But when it's research driven by me, you can't really just hand that off, and so I would not actually be 'done'. But I am happy to support the team if they want to launch a new brand, which I expect they will," Anderson told PTI.

Reiterating that his decision was not motivated due to any political or legal pressure, Anderson last month blamed the "intensity and focus" of the job for the decision to wind up.

Hindenburg earlier said it is not under investigation by the US SEC over anonymous reports linking its founder to a hedge fund for preparing reports targeting companies.