Short-selling firm Hindenburg Research, which rose to national prominence uncovering fraud at EV startup Nikola (NKLA), said Wednesday it would wind down its operations. 

"As I’ve shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research," founder Nate Anderson wrote in a post on Wednesday. "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."

In 2024, Hindenburg uncovered what it said were accounting irregularities at data center company Super Micro Computer (SMCI), which subsequently was forced to delay the filing of some financial statements. 

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Hindenburg's 2023 reports on Indian conglomerate Adani and Icahn Enterprises both saw the company take on two of the world's most powerful investors. 

Hindenburg's biggest report broke in 2020, when the firm revealed failings at EV truck startup Nikola, including uncovering that the company infamously rolled a prototype of its electric semi-truck downhill. 

Nikola founder and CEO Trevor Milton was later sentenced to four years in prison after being found guilty of misleading investors. 

REUTERS / Reuters

In 2019, Hindenburg said that online orthodontics startup SmileDirectClub was "carelessly cutting corners in a field of specialized medicine, putting customer safety at risk." The company went out of business in late 2023.

Hindenburg's first report published in 2017. In his note on Wednesday, Anderson said he plans to release "materials and videos to open-source every aspect of our model and how we conduct our investigations." 

"My hope is that after we fully share our process, in a couple years I will get an unsolicited message from someone who reads this (maybe you), who embraces the same passion, learns the craft, and finds the confidence to shed some light on a subject that needs it, despite the obstacles in your way," Anderson wrote. 

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