New Delhi: Hindenburg Research, which made international waves with campaigns targeting billionaire Gautam Adani that wiped billions from market value of his group companies, will disband. An announcement was made by its founder Nate Anderson to this effect.
Anderson had started Hindenburg in 2017. The development came just three days before Donald Trump’s inauguration as the new President of the United States.
While he cited the toll of the “rather intense, and at times, all encompassing” nature of the work as the reason for his decision”, critics were quick to link the shutting down Hindenburg’s alleged ties with George Soros and the so-called deep state being under significant pressure from the incoming Trump administration.
Adani Group CFO Jugeshinder Robbie Singh in a cryptic post on X said: “Kitne Ghazi Aaye, Kitne Ghazi Gaye”
Hindenburg in January 2023 published a report accusing the Adani group of “pulling the largest con in the corporate history”, wiping out more than USD 150 billion in value of the group’s shares at their lowest point.
Adani group vehemently denied all the allegations including that being “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades” and improper use of offshore tax havens to shore up group share prices.
Business tycoon Adani was ranked world’s fourth-richest and Asia’s wealthiest person a day before the report was published. He slipped following the heavy selling witnessed in the group stocks.
