When Hindenburg Research posts a blog on its website, it often means that a company’s final days are near.
Today, that company is Hindenburg Research.
Nate Anderson announced Wednesday that he has shut down short-selling firm Hindenburg Research after a seven-year stint issuing damning reports about high-profile companies, including many of the tech giants and buzzy startups.
“As I have shared with family, friends and our team since late last year, I have made the decision to dissolve Hindenburg Research,” Anderson wrote in a blog post. “The plan was to finish after we finished the pipeline of ideas we were working on. And in terms of the recent Ponzi cases that we just closed and are sharing with regulators, that day is today.”
The Hindenburg Reports gained a reputation over the years for their prescient investigations and thorough research into overlooked and ignored corners of public markets. In many cases, the firm’s reports preceded SEC investigations, criminal indictments and massive stock drops around the companies it targeted.
Anderson said there is no specific reason for the Hindenburg breaking up today. He said the short-selling firm has reached a level of success he never expected and that now is a good time to move on.
However, Anderson indicated that the last seven years at Hindenburg’s helm had taken a toll on his health and personal life. He noted on the blog that he often wakes up in the middle of the night with new ideas for investigations. Anderson also apologized to his family and friends in the post, saying he will have more time to spend with loved ones now.
Over the years, Hindenburg has targeted several giants of the tech world. Anderson published a brief 2024 report on Roblox, where he characterized the gaming platform as an “X-rated pedophile hellscape.” Weeks later, Roblox rolled out new safety features for parents on the platform. Hindenburg has also shorted publicly traded tech companies like Super Micro and Block.
Hindenburg also developed a reputation for acquiring some of the hottest electric vehicle startups.
Hindenburg targeted hydrogen electric vehicle startup Nikola in a 2020 report shortly after General Motors announced it had taken an 11% stake. The short seller claimed that Nikola’s trucks were not fully operational and accused the company’s management of nepotism. A government investigation into Nikola followed the Hindenburg report and eventually led to a settlement with the SEC and the conviction of Nikola’s founder on securities and fraud charges.
In 2021, Hindenburg released a brief on Lordstown Motors, alleging that the electric vehicle maker had falsified EV truck pre-orders. Those claims turned out to be mostly true, according to the Securities and Exchange Commission, which accused EV of defrauding investors and ordered it to pay $25 million.
