American research firm Hindenburg has decided to shut down its operations. Hindenburg is the same company that issued a negative report against the companies of Indian billionaire Gautam Adani in 2023.

Hindenburg Research, known for its aggressive short-selling and its significant impact on the Adani Group in 2023, has shut down. Founder Nate Anderson cited the completion of their investigative goals and a desire for balance.

The US-based short-selling firm that was behind reports that wiped out tens of billions from the market value of Adani Group, Hindenburg Research is finally shutting shutters. Here is a look at ‘Hindenburg-Adani’ saga.

Hindenburg Research published reports against the Indian conglomerate in 2023, accusing the Adani Group of using offshore tax havens improperly.

The shock announcement late on Wednesday comes just four days before President-elect Donald Trump’s inauguration amid speculation — with no real confirmation — that the two events might be linked

Founder Nathan Anderson said Hindenburg's intense work had taken a toll on his personal life, and while there were no specific reasons for the closure, the plan had always been to shut down the firm after completing their current projects.

Nate Anderson who started Hindenburg Research in 2017, is best known for exposing Nikola Motors, which claimed to have developed a fully functional hydrogen-powered truck. In India he is known for a January 2023 report accusing Adani Group of fraud.