Short seller Nathan Anderson is about to close Hindenburg Research.

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Activist short-seller Nathan Anderson, best known for his campaigns against Adani Group, Super Micro and Nicola, is shutting down Hindenburg Research seven years after founding it.

After we finished the line of ideas we were working on, the plan evolved, Anderson said He wrote in a statement. He described his work as “rather difficult and sometimes comprehensive.”

Anderson has become one of the most famous activist short sellers on Wall Street, known for his meticulous reporting and relentless pursuit of companies he suspects are committing fraud.

Its rise comes at a time when many peers are losing steam, crippled by a decade of bull markets and a boom in real estate investment funds that have made it difficult to go against the grain.

Bill Ackman, famous for his expensive campaign against Herbalife, has completely abandoned the act, as legendary short seller Jim Chanos says he’s closing his short-focused fund after more than three decades in the industry in November 2023.

Activist short selling is a very difficult business that is typically shunned by large Wall Street institutions. Small players use balance sheets with a partner Hedge funds And cut fees but are the face of public campaigns.

Hindenburg worked with a small New York-based firm called Kingdon Capital. The number of businesses.

The procedure may be legally binding. Last year, US regulators charged short seller Andrew Graff, who founded Citron Research, with market manipulation. He pleaded not guilty and his trial is set for September.

Despite all the challenges, supporters see short sellers as necessary to balance market excitement.

Hindenburg It was targeting several large companies at once, a level of strength that was too much for Andersen. “It cost me the rest of the world and the people I love,” he wrote in a letter published Wednesday. “It wasn’t always clear to me, but now I see it all as a love story.”

Hindenburg’s last published report came earlier this year and focused on online car retailer Carvana.

Anderson became famous for his report on the electric car company Nicola. At the time, going public was very popular with shell companies, known as special purpose acquisition companies.

The report included the now-infamous video of a truck rolling downhill that led to founder Trevor Milton’s fraud conviction and a $125 million fine paid by the company.

The case attracted considerable media attention and brought Anderson many followers, who eagerly awaited the Hindenburg reports and speculated about the next targets.

The Hindenburg research led to fraud charges and indictments against dozens of individuals, but also resulted in costly legal battles. The firm had only 11 employees.

Hindenburg also relied on unconventional research methods.

In the year

Anderson began investigating corporate misconduct by targeting hedge funds. In 2014, according to Hindenburg’s website, it filed its first hacker report with the US Securities and Exchange Commission.

Anderson took on some of Wall Street’s most prominent investors, including another activist, Carl Icahn. Hindenburg published a report on Icahn Enterprises in 2023 Shares have been sent A 20 percent drop in the company forced the billionaire to refinance his personal loan.

“We’ve all worked hard to focus on accuracy and keep the evidence focused on our word,” Anderson wrote in Wednesday’s announcement. “Sometimes that means taking big swings and fighting battles that are bigger than any of us individually.”

Anderson’s parting gift to his followers was a YouTube link to a DJ set he played in Bali. “He had a great influence on me at a critical time,” he wrote.