Short seller Nate Anderson says he’s disbanding Hindenburg

Hindenburg Research

Nate Anderson, the short seller who made his name with campaigns targeting billionaires Gautam Adani, Jack Dorsey and Carl Icahn, said he’s disbanding his small but renowned firm, Hindenburg Research.

“There is not one specific thing — no particular threat, no health issue and no big personal issue,” Anderson wrote in a letter posted on the firm’s website Wednesday. “The intensity and focus has 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.”

As prominent short sellers retreated from the limelight in recent years — fretting lawsuits, short squeezes and government probes — the deft researcher remained, earning a reputation as the gutsiest bear still around. That included picking fights with powerful, politically connected figures.

Anderson, 40, made international waves in January 2023, publishing a report accusing Adani of “pulling the largest con in corporate history.” The Indian tycoon ranked as the world’s fourth-richest person at the time, according to the Bloomberg Billionaires Index. In quick succession, the bear also published reports on Dorsey’s Block Inc. and Icahn’s Icahn Enterprises.

All three financiers and their businesses adamantly disputed Hindenburg’s assertions. Still, that year the trio saw their collective wealth swoon by as much $99 billion while their publicly traded companies lost as much as $173 billion of market value.

This month, Anderson went after Ernie Garcia III’s Carvana Co., accusing him and his father, Ernie Garcia II, of an “accounting grift for the ages.” The auto retailer promptly dismissed Hindenburg’s arguments as “intentionally misleading and inaccurate.” The stock soon recovered and is up more than 5% this month.

Before focusing on short-selling, Anderson worked a few below-the-radar jobs on Wall Street, then tried earning a living by submitting tips to the Securities and Exchange Commission’s whistleblower program, hoping to collect rewards. Yet he struggled to make ends meet.

‘Shook Some Empires’
So he poured his energy into publishing reports online. By early 2020, Hindenburg’s impact and reputation were growing. At one point, he built an 11-person team. Despite his earlier misgivings about his own capabilities, he said he and his group proved they could have a big impact.

“Nearly 100 individuals have been charged civilly or criminally by regulators at least in part through our work, including billionaires and oligarchs,” he wrote. “We shook some empires that we felt needed shaking.”

Anderson said he’s winding up his firm as of Wednesday after working through the last of its ideas and handing off tips on suspected Ponzi schemes to regulators.

Over the next six months, he plans to work on a series of videos and materials on Hindenburg’s model, so others can learn how the firm conducted investigations.

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