Been the adventure of lifetime: Short-selling firm Hindenburg Research to close up shop

Nate Anderson, the founder of the short-selling firm Hindenburg Research, announced on Wednesday that he has decided to disband the company, bringing an end to an era of groundbreaking financial investigations.

“The plan has been to wind up after we finished the pipeline of ideas we were working on,” Anderson wrote in a heartfelt note. “That day is today.”

Since its founding in 2017, Hindenburg Research has gained a reputation for exposing fraud, corruption, and mismanagement across industries. Reflecting on the firm’s achievements, Anderson shared, “We shook some empires that we felt needed shaking.”

Anderson described starting the firm without a traditional finance background, financial resources, or industry connections. “When I started this, I doubted I was capable,” he admitted.

“I didn’t have a traditional finance background. None of my relatives are in this field. I went to a state school. I’m not a slick salesperson. I don’t know any of the right clothes to wear. I can’t play golf.”

Early on, the firm faced three lawsuits and financial difficulties that left Anderson on the brink of eviction, with a newborn child at home.

“It is very easy to succumb to negative thoughts and believe what others think of you, especially when things feel low. But it is possible to shatter all of that. I was passionate about this, and I let that carry me forward despite my fears and insecurities.”

He credited his resilience and the support of his family, friends, and a dedicated team of 11 for transforming Hindenburg into a powerhouse of financial scrutiny.

“They are all smart, focused, and fun to work with. Little to no ego,” he said, describing his colleagues as “ruthless assassins” when it came to their work but kind and collaborative otherwise.

Anderson described the intensity and all-encompassing nature of running the firm, often finding himself consumed by investigative threads and edits even in his sleep. While deeply fulfilling, the relentless pressure led him to realise the need for a change.

Ultimately, Anderson explained, the decision to close Hindenburg was a deeply personal one. “There is not one specific thing-no particular threat, no health issue, and no big personal issue,” he clarified.

Instead, he cited a desire for relief and the need to move on to new chapters. “Early on, I felt I needed to prove some things to myself. I have now finally found some comfort with myself, probably for the first time in my life.”

Anderson also shared plans to open-source the knowledge and processes Hindenburg developed over the years. “In the past several years we’ve been flooded with thousands of messages from many of you asking how we do what we do,” he said.

“So over the next six months or so, I plan to work on a series of materials and videos to open-source every aspect of our model and how we conduct our investigations.”

In closing, Anderson expressed gratitude to his wife, family, friends, team, and readers who supported him along the way.

“To my wife, you have been so patient with me. To my family and friends, I’m sorry for the times I have ignored you while I let my attention be drawn away. Lastly, I want to express how grateful I am to our readers. Your messages of kindness and encouragement through the years have gone a long way to helping give us the strength to continue,” he said.