Hindenburg Research, the short-selling firm known for uncovering corporate fraud, is shutting down.
Founder Nate Anderson announced the decision, stating the firm had completed its final investigations, including cases recently submitted to regulators.
Hindenburg gained prominence in 2020 after exposing failings at electric vehicle startup Nikola, where it revealed the company misled investors about its technology.
Nikola’s founder, Trevor Milton, was later sentenced to prison. Other high-profile targets included Indian conglomerate Adani, Icahn Enterprises, and SmileDirectClub, the latter ceasing operations in 2023.
Since its 2017 inception, Hindenburg has released reports on corporate misconduct and fraud.
Anderson plans to share the firm’s investigative process to inspire future whistleblowers, hoping others will continue its legacy of exposing wrongdoing