Hindenburg Research, Nate Anderson Shuts Down Reflects on Shaking Billionaire Empires
Nate Anderson, the short-seller who made global headlines by challenging some of the world’s most powerful billionaires—Gautam Adani, Jack Dorsey, and Carl Icahn—has announced he’s closing down his renowned firm, Hindenburg Research.
“There’s no single reason—no major threat, no health issue, and no personal crisis,” Anderson shared in an open letter posted on the firm’s website on Wednesday. “The relentless focus and intensity have come at the expense of experiencing the world and spending time with the people I care about. I now see Hindenburg as a chapter in my life, not the defining story.”
A Legacy of Bold Moves
Anderson, 40, stood out as one of the last remaining fearless short-sellers, even as others retreated under the pressure of lawsuits, short squeezes, and government scrutiny. Known for his audacious campaigns, Anderson built a reputation as a gutsy researcher who wasn’t afraid to take on the politically connected and financially powerful.
In January 2023, Anderson shook the financial world with a report accusing Indian tycoon Gautam Adani of orchestrating “the largest con in corporate history.” At the time, Adani was the world’s fourth-richest person, according to the Bloomberg Billionaires Index. Shortly after, Anderson targeted Jack Dorsey’s Block Inc. and Carl Icahn’s Icahn Enterprises, with all three fiercely denying Hindenburg’s claims.
Despite the pushback, the impact was staggering. That year, Adani, Dorsey, and Icahn saw their combined fortunes shrink by as much as $99 billion, while the market value of their companies plummeted by $173 billion.
Most recently, Anderson took aim at Carvana Co., accusing founder Ernie Garcia III and his father of an “accounting grift for the ages.” Although Carvana dismissed the claims as “intentionally misleading and inaccurate,” the company’s stock managed to recover and even rose by over 5% in January 2025.
From Struggling to Shaking Empires
Before becoming a household name in finance, Anderson’s journey was anything but glamorous. He worked a series of low-profile jobs on Wall Street and even tried submitting tips to the SEC’s whistleblower program to make ends meet. Struggling financially, he turned to publishing investigative reports online, pouring his energy into exposing corporate malpractice.
By 2020, Hindenburg Research had established itself as a force to be reckoned with, growing into an 11-person team. Anderson and his team’s work led to significant consequences: “Nearly 100 individuals have been charged civilly or criminally by regulators, including billionaires and oligarchs,” Anderson noted. “We shook some empires that we felt needed shaking.”
Closing the Chapter
As of Wednesday, Anderson has officially wound down Hindenburg Research, having worked through its remaining ideas and handed off tips on suspected Ponzi schemes to regulators.
But he isn’t done sharing his knowledge. Over the next six months, Anderson plans to create a series of videos and resources to teach others how Hindenburg conducted its groundbreaking investigations.
His departure marks the end of an era for activist short-selling, leaving behind a legacy of fearless research, global impact, and billions of dollars in shaken empires.
