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 seven years of issuing damning reports on high-profile companies, including many of the world’s tech giants and hot 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 set of ideas we were working on. And based on the latest Ponzi cases that we just completed and shared with regulators, that day is today.”
Hindenburg Reports gained a reputation over the years for its prescient and exhaustive investigations into overlooked and ignored corners of the public markets. In many cases, the company’s reporting predates SEC investigations, criminal indictments, and massive stock declines in the companies it targets.
Anderson said there is no specific reason to dissolve Hindenburg today. He said the short selling company has reached a level of success he never expected and now is a good time to move forward.
However, Anderson shared that the last seven years of leading Hindenburg 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 research. Anderson also apologized to her family and friends in the post, stating that she will now have more time to spend with her loved ones.
Over the years, Hindenburg has targeted some giants of the tech world. Anderson published a brief report from 2024 on Roblox where he characterized the gaming platform as a “X-rated pedophile hell.” Weeks later, Roblox launched new safety features for parents on the platform. Hindenburg has also shorted publicly traded technology companies such as Super Micro and Block.
Hindenburg has also earned a reputation for taking on some of the most popular electric vehicle startups.
Hindenburg took aim at hydrogen electric vehicle startup Nikola in a 2020 report, shortly after General Motors announced it had acquired an 11% stake. The short seller claimed that Nikola’s trucks were not fully functional and accused the company’s management of nepotism. A government investigation into Nikola followed the Hindenburg report and ultimately led to a settlement with the SEC and the conviction of Nikola’s founder.
In 2021, Hindenburg published a brief report on Lordstown Motors, claiming that the electric car maker had falsified pre-orders for electric trucks. Those claims turned out to be largely true, according to the Securities and Exchange Commission, which accused the electric vehicle company of misleading investors and forced it to pay $25 million.