Hindenburg Research, a short seller that has targeted tech and EV companies, is closing up shop

When Hindenburg Research publishes a blog on its website, it often means that the company’s last days are near.

Today, this company is Hindenburg Research.

Nate Anderson announced Wednesday that he has closed the short-selling firm Hindenburg Research, after a seven-year run issuing damning reports on high-profile companies, including several tech giants and startups in mind.

“As I have shared with family, friends and our team since the end of last year, I have made the decision to dissolve Hindenburg Research,” Anderson wrote in a blog post. “The plan was to finish after finishing the pipeline of ideas that we were working on. And like the last Ponzi cases that we just finished and shared with the regulators, that day is today.”

The Hindenburg Reports have gained a reputation over the years for their insightful investigations and thorough research into overlooked and overlooked corners of public markets. In many cases, corporate reporting has predated SEC investigations, criminal charges and massive stock drops around the companies it targets.

Anderson said there is no specific reason for Hindenburg’s dissolution today. He said that the short sale business has reached a level of success that he never expected, and that now is a good time to move on.

However, Anderson shared that the last seven consecutive years Hindenburg had taken a toll on his health and personal life. He noted in the blog that he often wakes up in the middle of the night with new ideas for investigations. Anderson also apologized to his family and friends in the post, stating that he will have more time to spend with his loved ones now.

Over the years, Hindenburg has targeted some giants of the technological world. Anderson published a brief 2024 report on Roblox where he characterized the gaming platform as “X rated pedophile hell.” Weeks later, Roblox has developed new safety features for parents on the platform. Hindenburg also shorted publicly traded tech companies like Super Micro and Block.

Hindenburg has also developed a reputation for taking on some of the hottest electric vehicle startups.

Hindenburg targeted Hydrogen electric vehicle startup, Nikola, in a 2020 report, shortly after General Motors announced that it had taken 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 founder Nikola.

In 2021, Hindenburg published a brief report on Lordstown Motorsclaiming the electric car maker had fake EV truck pre-orders. Those statements turned out to be largely true, according to the Securities and Exchange Commission, which accused the EV company of misleading investors and forced it to pay $25 million.