Hindenburg Research, a short seller that targeted technology and electric vehicle companies, is closing shop

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

Today that company is called Hindenburg Research.

Nate Anderson announced Wednesday that he has shuttered short-selling firm Hindenburg Research after seven years of publishing damning reports on high-profile companies, including many tech giants and hot startups.

“As I have shared with family, friends and our team since late last year, I have made the decision to dissolve Hindenburg Research,” Anderson wrote in a blog post. “The plan was to wrap up once we finished the pipeline of ideas we were working on. And since the latest Ponzi cases that we just completed and shared with regulators, that day is today.

The Hindenburg Reports have gained a reputation over the years for their prescient investigations and in-depth research into the neglected and ignored aspects of public procurement. In many cases, the company’s reports predated the SEC investigations, criminal indictments and massive stock drops of the companies they targeted.

Anderson said there was no specific reason to disband Hindenburg today. He said the short selling company had reached a level of success he never expected and it was the right time to move on.

However, Anderson shared that Hindenburg’s past seven years in business have taken a toll on his health and personal life. He noted on his blog that he often wakes up in the middle of the night with new investigative ideas. Anderson also apologized to his family and friends in the post, saying he would now have more time to spend with his loved ones.

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

Hindenburg has 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 management of nepotism. A government investigation into Nikola followed Hindenburg’s report and ultimately led to a settlement with the SEC and the conviction of the Nikola founder on charges of securities fraud and wire fraud.

In 2021, Hindenburg released a short report on Lordstown Motors, claiming that the electric automaker had falsified electric truck pre-orders. Those claims turned out to be largely true, according to the Securities and Exchange Commission, which accused the electric vehicle company of misleading investors and forced it to pay $25 million.