Hindenburg’s January 2023 report accused Adani Group of orchestrating "the largest con in corporate history," alleging stock manipulation and financial misconduct. The conglomerate has consistently denied these claims. Anderson stated that his firm’s investigation was prompted by "red flags" highlighted in media reports.
Dismissing conspiracy theories linking Hindenburg to organizations like the Organized Crime and Corruption Reporting Project (OCCRP) and billionaire investor George Soros, Anderson labeled such speculations as "goofy conspiracies," emphasizing that his firm refrained from engaging in "silly conspiracy theories."
Why Anderson Chose to Close Hindenburg
Despite his firm’s impactful financial research, Anderson cited the relentless intensity of the job as his reason for stepping away. "Hindenburg is basically synonymous with me," he explained, adding that passing the firm’s reins to someone else was not an option. However, he expressed willingness to support his team should they decide to launch a new brand.For nearly eight years, Anderson's research targeted major corporations, from electric truck startup Nikola to Carl Icahn’s Icahn Enterprises LP. His efforts often led to legal battles and personal risks, including being followed and having his systems infiltrated.
Defending Hindenburg’s Reports
When asked whether he still stood by the allegations against Adani Group, Anderson responded unequivocally: "We 100 percent stand by all of our research findings."The Adani report had a seismic impact, briefly wiping out over $150 billion in the group’s market value. However, the conglomerate managed to recover over time. India’s Supreme Court saw no need for additional investigations beyond those already being conducted by the Securities and Exchange Board of India (SEBI).
Anderson rejected claims that his report was an attack on India’s growth, stating that his firm believes in India’s potential and that "market transparency and strong corporate governance" are vital for the country’s economic success.
Allegations of Collaboration with Hedge Funds
Hindenburg has faced scrutiny over its financial model, which involves short-selling stocks of targeted companies. However, Anderson dismissed allegations of unethical partnerships with hedge funds, clarifying that while his firm sometimes collaborated with balance sheet partners, it maintained "full editorial control" over its reports.A Career Defined by Exposing Corporate Corruption
Anderson, the son of a university professor and a nurse, had an unconventional path before establishing Hindenburg in 2017. He previously worked as an ambulance driver in Israel and later pursued finance. His firm made money by shorting stocks of companies it exposed, though surprisingly, it earned only around $4 million from its Adani report.While Hindenburg’s investigations led to fraud charges against several individuals, the firm operated with just 11 employees. Its final published report focused on online car retailer Carvana earlier this year.
In his farewell note, Anderson reflected on the toll his work had taken: "We shook some empires that we felt needed shaking," he wrote. However, he acknowledged that the relentless nature of his work had caused him to miss time with loved ones. "It wasn't always obvious to me, but I now view all of this as a love story."
With Hindenburg Research officially closed, Anderson appears ready to turn the page, leaving behind a legacy of fearless financial investigations.