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Hindenburg Research is making a name for itself by taking on Carl Ichan,


NEW YORK – Jan. 6, 2023: Nate Anderson works at his desk. Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research.

The Washington Post | The Washington Post | Getty Images

Hindenburg Research has established itself as one of the most powerful voices in public activist short-selling, hammering the share prices of multiple big name companies in recent years with its blockbuster reports.

The New York-based activist short-seller, founded by Nate Anderson, has also developed a reputation for its fearlessness, having gone after billionaires like Carl Icahn and Gautam Adani, along with regularly launching big public short bets and serious allegations despite the potential minefield of litigation.

Short selling is the practice of borrowing an asset and selling it on in the hope of buying it back at a lower price, thereby pocketing the difference and profiting from the decline of the asset’s value.

In Hindenburg’s case, this is usually the shares of companies it deems to be houses of cards, or in the company’s words: “Popping bubbles where we see them.”

“With a knack for targeting high-profile companies, Hindenburg’s capacity to consistently produce high-quality, influential research stands in contrast to the, often ridiculously, demanding landscape for short-sellers,” Ivan Cosovic, managing director of data group Breakout Point, told CNBC via email.

Hindenburg has been a standout performer among short sellers over the past few years, according to Breakout Point’s data, regularly leading or appearing near the top of the firm’s annual list of notable achievers.

NEW YORK, NY – JANUARY 6: Nate Anderson in New York. Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research.

The Washington Post | The Washington Post | Getty Images

Cosovic highlighted the “particularly remarkable” number of high-performing short calls the firm puts out annually. Hindenburg’s 10 targets in 2022 experienced an average share price decline of 42%, while its seven targets in 2023 notched an average plunge of 36%, it said.

In the first quarter of 2024, Hindenburg boasted two shorts among the top 10 best-performing short calls in the market, as of March 8: U.S. biotech Renovaro and Swiss-listed fintech Temenos.

Within the space of three days in mid-February, both companies became targets of Hindenburg’s infamous research reports, in which the firm names a short target and sets out its evidence.

NEW DELHI, India – Feb. 9, 2023: Members of Indian Youth Congress protesting against the Central government over the Adani issue at Indian Youth Congress Office, Raisina Road, on February 9, 2023 in New Delhi, India. Congress (IYC) staged a protest demanding a probe into the allegations of fraud made against the Adani group in the Hindenburg research report.

Hindustan Times | Hindustan Times | Getty Images

Both companies denied the allegations in Hindenburg’s reports, with Temenos saying in a statement that it “contains factual…



Read More: Hindenburg Research is making a name for itself by taking on Carl Ichan,

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