‘I now view Hindenburg as a chapter in my life, not a central thing that defines me’: full text of Nate Anderson’s letter announcing shutdown

Full text of Hindenburg founder Nate Anderson announcing the disband of Hindenburg Research, known for short-selling, reflecting on company’s impact and future plans.

Hindenburg Research, a U.S. investment research group known for short-selling, will be disbanded, its founder Nate Anderson said on Wednesday (January 15, 2025).

Founded in 2017 as a kind of corporate muckraker, the short- seller with around 10 employees has pushed several companies to admit accounting errors or misrepresentations.

The company has wiped billions of dollars off companies’ market values, including Indian conglomerate Adani Group after the research firm accused it of "brazen" corporate fraud.

Mr. Anderson said he looks forward to taking up hobbies, travelling and spending time with his fiancée and their child, adding that he has earned enough money to provide for them in the future. Mr. Anderson said for now, he will be focused on making sure everyone on his team lands where they want to be next.

Here is a personal note from Mr. Anderson:

As I’ve shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today.

I write this from a place of joy. Building this has been a life’s dream.