Hindenburg founder to close short-seller behind Adani, Icahn stock selloffs (updated)

Icahn Enterprises LP

15/01/2025 21:33

(Adds background, details on paragraphs 3 - 7)
       Jan 15 (Reuters) - 
    Hindenburg Research's founder has decided to disband the
short-selling firm whose reports erased tens of billions from
the market values of companies including India's Adani Group and
Icahn Enterprises.
  
        Nate Anderson, who started Hindenburg in 2017, cited the
toll of the "rather intense, and at times, all-encompassing”
nature of the work as the reason for his decision, in a note
published on Wednesday.
  
        "The plan has been to wind up after we finished the
pipeline of ideas we were working on," he said. "That day is
today."
  
    Hindenburg is best known for its bet against Indian
conglomerate Adani Group in 2023 that led to more than $100
billion in value wiped off the group's shares. 
    It has also gone after electric truck maker Nikola Corp
 NKLA.O  in 2020, Icahn Enterprises LP  IEP.O  in 2023 and Jack
Dorsey-led Block Inc  SQ.N .
    "So over the next 6 months or so I plan to work on a series
of materials and videos to open-source every aspect of our model
and how we conduct our investigations," Anderson said.
    

 (Reporting by Pritam Biswas and Savyata Mishra in Bengaluru;
Editing by Shailesh Kuber and Devika Syamnath)
 ((Pritam.Biswas@thomsonreuters.com;))