Nathan Anderson

Nathan Anderson is a prominent financial researcher and the founder of Hindenburg Research, an organization specializing in forensic financial analysis. Recently, he has garnered media attention for alleging fraudulent activities involving Gautam Adani and the Adani Group. Nathan Anderson established Hindenburg Research, an investment management firm located in New York.

Establishment of Hindenburg Research

Hindenburg Research LLC is an investment research firm based in the United States, specializing in activist short-selling. Established by Nathan Anderson in 2017, the firm derives its name from the Hindenburg disaster(The Hindenburg disaster refers to an airship accident that took place on May 6, 1937, in Manchester Township.), which it describes as a preventable human-made catastrophe. Through its website, Hindenburg Research publishes public reports that accuse companies of fraud and misconduct.

Recently, he has garnered media attention for alleging fraudulent activities involving Gautam Adani and the Adani Group.

Early Life and Education

Nathan Anderson’s exact birth date is not known, but he was said to be 38 years old in early 2023. He grew up in Connecticut and attended an Orthodox Jewish day school. His parents are a university professor and a nurse. In a business podcast, he shared that he once tried to persuade the head rabbi at his school that the Book of Genesis could align with modern evolution theory.

He graduated with a degree in international business from the University of Connecticut. From March 2004 to January 2005, he worked as an ambulance driver in Israel.

Anderson holds two financial certifications: the Chartered Alternative Investment Analyst (CAIA) and the Chartered Financial Analyst (CFA).

Early Finance Career at FactSet Research Systems

He started his finance career at FactSet Research Systems Inc. He later told the Wall Street Journal that he found their analysis to be quite standard and lacking in creativity. Afterward, he worked on evaluating investments for wealthy clients’ private wealth management services. Following this, he launched his first company, ClaritySpring.

Focus on Forensic Reports and Financial Fraud Investigations

 

In his later career,Nathan Anderson focused on forensic reports and short selling. He was motivated to specialize in financial fraud investigations after learning about Harry Markopolos, who played a key role in exposing the Bernie Madoff investment scandal. Anderson collaborated with Markopolos on the Platinum Partners case, leading to charges against seven executives for securities fraud. Around 2014, he started submitting whistleblower reports to U.S. authorities, aiming to earn government rewards for revealing fraud.

Initially, Anderson set up a brokerage firm for hedge funds that offered due diligence services and fraud reports. However, by 2017, the firm had only $58,382 in net capital, and Anderson faced eviction from his landlord. These challenges prompted him to give up his brokerage license and establish Hindenburg.

 

Establishment of Hindenburg Research in 2018

In 2018, Anderson launched Hindenburg Research, a small investment management firm that focuses on forensic finance investigations. The firm aims to identify “man-made disasters” in the market. By 2023, it was estimated to have around twelve employees, and its website outlines its operations.

 

The First Major Hindenburg Report: Nikola Corporation (September 2020)

 

The first major report from the firm came out in September 2020 and focused on Nikola Corporation, an electric vehicle maker. It accused Nikola of being dishonest about its technology and product performance. This led to investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice, resulting in Trevor Milton, Nikola’s founder, being found guilty of fraud.

Hindenburg’s Allegations Against the Adani Group (January 2023)

 

Fast forward to January 2023, and a notable Hindenburg report surfaced, alleging significant stock manipulation and accounting fraud involving the Adani Group, an Indian conglomerate led by Gautam Adani, one of the wealthiest individuals globally.

Nathan Anderson

‘s Financial Secrecy and Hindenburg’s Earnings

As for Anderson, his financial details are kept under wraps. He’s done plenty of media interviews but hasn’t revealed how much he or Hindenburg earns from short investments.

Back in 2021, he mentioned that Nikola was the firm’s biggest success so far. Around ten unnamed investors support some of the firm’s activities, and some of them also place their own short bets alongside Hindenburg. Since Hindenburg Research isn’t publicly traded, there are fewer rules regarding information disclosure for its top executives.

Aftermath of the Adani Group Allegations and Stock Market Impact

 

Hindenburg Research, the short-seller, hinted that a big revelation about an Indian company could be on the way. They shared a mysterious message on X, the site formerly known as Twitter, saying, “Something big soon India,” on August 10.

It’s been over a year since Hindenburg dropped some serious allegations against the Adani Group, accusing them of insider trading and messing with the stock market. The report from January 2023 really shook things up, leading to a massive plunge in Adani Group’s stock prices and reportedly wiping out more than $100 billion in value. The Adani Group has always denied these claims, calling the Hindenburg report totally unfounded when it first came out.

 

New Accusations Linking Hindenburg Report to American Businessman Mark Kingdon

Things got even more tangled recently with new accusations from Mahesh Jethmalani, a prominent Indian lawyer and BJP leader. Back in July, he alleged that an American businessman with ties to China was behind the Hindenburg report on Adani. He specifically pointed fingers at Mark Kingdon from Kingdon Capital Management LLC as the one who supposedly commissioned it.