Short-selling firm Hindenburg Research to close

Hindenburg Research, the short-selling firm that rose to fame for exposing fraud at electric vehicle startup Nikola (NKLA), said Wednesday it would wind down its operations.

"As I have shared with family, friends, and our team since late last year, I have decided to dissolve the Hindenburg Research Center," founder Nate Anderson wrote in a post on Wednesday. "This program is being concluded as we complete a series of ideas that we were working on. In terms of the last Ponzi scheme case that we just completed and are sharing with regulators, that day is today."

In 2024, Hindenburg discovered accounting irregularities at data center company SMCI, which was subsequently forced to delay filing some financial statements.

Nate Anderson on January 6, 2023 in New York City, New York. (Photo by Bonnie Jo Mount/Getty Images for The Washington Post) · The Washington Post via Getty Images

Hindenburg's 2023 reports on Indian conglomerates Adani and Icahn Enterprises both see the company taking on two of the world's most powerful investors.

Hindenburg's biggest reports came to light in 2020, when the company revealed the failure of electric truck startup Nikola, including unveiling the company's infamous downhill electric semi-truck prototype.

Nikola founder and CEO Trevor Milton was later sentenced to four years in prison for misleading investors.

Nikola Trevor Milton, CEO and founder of American company ) collaborates on new all-electric and hydrogen fuel cell trucks. REUTERS/Massimo Pinca · Reuters/Reuters

In 2019, Hindenburg said online orthodontics startup SmileDirectClub "carelessly cut corners in professional medicine, putting customer safety at risk." The company will cease operations at the end of 2023.

Hindenburg's first report was released in 2017. In a note Wednesday, Anderson said he plans to release "materials and videos to open source aspects of our model and how we conduct investigations."

“My hope is that, in a few years after we fully share our process, I will receive unsolicited messages from people who read this article (perhaps you) who share the same passion for learning the craft and Find the confidence to make some point despite the obstacles in your path, on a subject that demands it," Anderson wrote.

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