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Nathan Anderson, the founder of Hindenburg Research, announced that he would disband the firm; Here’s why
Nate Anderson disbands Hindenburg Research
Nathan Anderson, the founder of Hindenburg Research, announced that he would disband the firm, which gained attention for its reports that triggered significant short-selling and investigations by authorities, impacting companies like India’s Adani Group and the US-based Nikola.
In a farewell post on Hindenburg’s website published on Wednesday, Anderson shared that the overwhelming nature of the work drove the decision. He reflected on the challenges and intensity of building the firm since its inception in 2017.
Here’s the full text of his farewell note:
“As I’ve shared with family, friends, and our team since late last year, I’ve decided to disband Hindenburg Research. Our plan was always to wind up once we completed the pipeline of work we were focused on. With the recent completion of the Ponzi cases we’ve been working on, that day has arrived.
I write this with joy. Building this firm has been a lifelong dream.
When I started, I had no idea whether it would be possible to carve out a fulfilling path. It wasn’t an easy choice, but I was drawn to it despite the risks and challenges,” Anderson wrote.
He spoke about his initial doubts when starting the firm, given his lack of a traditional finance background.
“When I began this journey, I questioned my ability. I didn’t come from a finance family, I went to a state school, and I didn’t have the polished demeanor expected in this field. I wasn’t the typical ‘go-getter’ and certainly not a financial expert. When I began, I had no money. After immediately facing three lawsuits, I was quickly deeper in debt,” Anderson recalled.
He credited the support of world-class whistleblower lawyer Bryan Wood as crucial to Hindenburg’s survival in its early days, especially during a time when Anderson faced personal financial struggles and had a newborn child.
“It was easy to succumb to negative thoughts, but my passion for what I was doing kept me moving forward despite my fears and insecurities,” Anderson said.
He also shared his appreciation for his small but dedicated team of 11 people.
“Each of them was hired not just because we needed staff, but because they impressed me personally,” Anderson noted. “They are incredibly smart, focused, and easy to work with, with little ego. Outside of work, they’re kind and polite, but in this field, they’re ruthless assassins who deliver world-class results.”
Anderson went on to highlight the impact Hindenburg made, particularly in taking on major companies, leading to over 100 individuals being charged by regulators, including billionaires and oligarchs.
“While the work was at times overwhelming, we knew we had made a significant impact—far more than I initially imagined. We shook the foundations of some of the world’s most powerful entities,” he said.
He described the intense nature of the firm’s work, acknowledging how it sometimes felt all-consuming, affecting his personal life and mental well-being.
“It’s been an intense experience, and often, I would wake up from dreams, thinking of a new investigative lead or a point that needed refining,” Anderson admitted. “We’re not fearless—we simply trust in the truth and let it guide us.”
Despite the pressures, Anderson expressed immense gratitude for the experiences and memories the journey created.
“So, why now? There’s no single reason. No health crisis, no external threat. Someone once told me that a successful career eventually becomes a selfish pursuit. I’ve realized that I’ve found a sense of peace with myself now, something I couldn’t have attained if I hadn’t pushed myself so hard. But this intensity has also come at the cost of missing out on time with the people I care about,” Anderson explained.
He also revealed plans to share the firm’s investigative model and process with a wider audience.
“I feel it’s time to open-source the knowledge we’ve accumulated,” he said. “In the coming months, I plan to work on a series of materials and videos that explain how we conduct investigations. My hope is that in a couple of years, someone reading this will pick up our tools, embrace the same passion, and uncover important truths despite the obstacles they face.”
As for his team’s future, Anderson shared that some members will pursue their own research ventures, and he encouraged others to reach out if they needed highly skilled and focused individuals.
“I’m proud of everything we’ve accomplished together, and now it’s time for everyone on the team to take their next steps,” he said.
He closed his message by expressing deep gratitude to his family, especially his wife, for their unwavering support during the challenging years.
“To my wife, you have been incredibly patient. I’m eternally grateful for everything you’ve sacrificed and for your support through it all. Now, we can enjoy the fruits of this journey together,” Anderson said.
Lastly, he thanked the firm’s readers for their kindness and encouragement, saying, “Your support has kept us going. I’m profoundly grateful for all of it—it’s been a blessing.”
With deep appreciation,
Nate Anderson