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

When Hindenburg Research posts a blog on its website, it often means a company’s final days are near.

Today, that company is Hindenburg Research.

Nate Anderson announced Wednesday he has shut down short-selling firm Hindenburg Research after a seven-year run issuing damning reports about high-profile companies, including many of the technology world’s giants and buzzy startups.

“As I’ve shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research,” Anderson wrote in a blog post. “The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today.”

Hindenburg’s reports gained a reputation over the years for their prescient investigations and thorough research into overlooked and ignored corners of public markets. In many instances, the firm’s reports predated SEC investigations, criminal indictments, and massive stock drops around the companies it targets.

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

However, Anderson did share that the last seven years running 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 he’ll have more time to spend with loved ones now.

Over the years, Hindenburg has targeted some giants of the technology world. Anderson published a 2024 short report on Roblox where he characterized the gaming platform as an “X-rated pedophile hellscape.” Weeks later, Roblox rolled out new safety features for parents on the platform. Hindenburg has also shorted publicly traded tech companies such as Super Micro and Block.

Hindenburg 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 it had taken an 11% stake. The short seller claimed Nikola’s trucks were not fully functional, and accused the company’s leadership of nepotism. A government investigation into Nikola followed Hindenburg’s report, and ultimately, led to a settlement with the SEC and the Nikola founder’s conviction on securities and wire fraud charges.

In 2021, Hindenburg published a short report about Lordstown Motors, claiming the electric automaker had faked EV truck preorders. Those claims turned out to largely be true, according to the Securities and Exchange Commission, which charged the EV company with misleading investors and forced it to pay $25 million.