In January 2023, US short selling firm Hindenburg Research, which had made several serious allegations against the Adani Group, has now closed shop. The company's founder Nathan Anderson himself has said that he has decided to shut down the company. Anderson made this announcement on the social media platform X. He wrote, 'Our plan was to shut down the company after completing the ideas we were working on and that day has come today.' This firm used to do ground breaking financial investigation. It was founded in the year 2017. Anderson wrote in his post, 'We shook some empires that we felt needed to be shaken.'  

Nothing came out in the investigation

In the first month of the year 2023, Hindenburg Research published a report on Adani Group. In this report, many allegations were made against the companies associated with Adani Group. Gautam Adani was the fourth richest person in the world at that time. After this report, the shares of Adani Group companies fell by 80%. This report of Hindenburg also heated up a lot in political circles. However, Adani Group completely rejected these allegations. Later, nothing came out in the investigation of SEBI. When the truth was not found in the allegations, the shares of Adani Group companies came up again. Gautam Adani had said that Hindenburg's report came not only to destabilize the group but was also brought to defame India politically.

Report was also published on these companies

Apart from Adani Group, Hindenburg Research has published reports on many big firms like Dorsey's Block Inc and Icahn's Icahn Enterprises. According to Bloomberg, the total wealth of these three companies suffered a loss of $99 billion that year. While the market cap of the listed companies of these groups fell by $173 billion. Anderson has described the journey and struggles of the company in his post. Hindenburg Research also faced three lawsuits and financial challenges. Anderson has also shared the plan to open-source the research and process developed by Hindenburg.