Hindenburg Research published reports against Indian conglomerate The short-seller accused Adani Group of using offshore tax havens improperly, which the company denied.

Nate Anderson, the founder of Hindenburg Research, on Thursday announced plans to shut down the US-based investment research firm, which gained attention for its short-selling activities and reports that led to the loss of billions of dollars for Indian billionaire Gautam Adani-led Adani Group.

Hindenburg Research, the influential short-selling firm that rattled global markets with high-profile exposés of companies like Adani Group and Nikola Corp., announced its closure Wednesday after a seven-year run that reshaped modern activist investing.

Nate Anderson’s Hindenburg Research, known for its impactful short-selling reports, will shut down. The firm gained notoriety for allegations against the Adani Group, which include stock manipulation and accounting fraud.

Anderson said for now, he will be focused on making sure everyone on his team lands where they want to be next.

Nate Anderson, the short seller who made his name with campaigns targeting billionaires Gautam Adani, Jack Dorsey and Carl Icahn, said he’s disbanding his small but renowned firm, Hindenburg Research.

Hindenburg Research, the firm that wiped over $100 billion off the Adani Group's market value in 2023, has announced its closure. The announcement came as a surprise, as the short-seller was pursuing probes against some of the biggest corporate moguls worldwide.

Founder Nathan Anderson said Hindenburg's intense work had taken a toll on his personal life, and while there were no specific reasons for the closure, the plan had always been to shut down the firm after completing their current projects.

Hindenburg Research, a US investment research firm known for short-selling, and whose reports resulted in wiping out billions of dollars of Indian billionaire Gautam Adani and his companies, has been shut down,