Nate Anderson

Nate Anderson founded Hindenburg Research in 2017 and quickly became one of the most feared names in short selling. Hindenburg's report on electric truck company Nikola in 2020 triggered an SEC investigation and the resignation of Nikola's founder. Reports on the Adani Group in 2023 erased over $100 billion in market value. Anderson and Hindenburg have published dozens of reports exposing alleged fraud and misrepresentation across US, Indian, and other global markets. Hindenburg shut down in early 2025, but its impact on market accountability was significant. During its relatively brief operating period, Hindenburg demonstrated that a small, independent research operation could challenge multi-billion dollar corporate structures, attract regulatory attention, and force governance changes at companies that had evaded scrutiny — establishing a new model for activist short research as a mechanism for market accountability.