Hindenburg Research

Hindenburg Research LLC was a U.S. investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017. Named after the 1937 Hindenburg disaster, which they characterize as a human-made avoidable disaster, the firm generated public reports via its website that allege corporate fraud and malfeasance. Companies that were the subjects of their reports include Super Micro Computer, Adani Group, Nikola, Clover Health, Block, Inc., Kandi, and Lordstown Motors. The reports also featured defenses of the practice of short-selling and explanations of how short-sells "play a critical role in exposing fraud and protecting investors." The firm disbanded in January 2025 with a note on its website from Anderson. At the time, the Wall Street Journal described it as "Wall Street’s Pre-Eminent Short Seller".