Short seller Hindenburg Research admitted it made a measly $4 million after making blockbuster allegations against a major Indian conglomerate that wiped $150 billion of value from the company belonging to one of the world’s richest men.
Hindenburg, founded in 2017 by Nathan Anderson, had accused the Adani Group, headed by Gautam Adani, of operating “the largest con in corporate history” in the January 2023 report.SEBI argued that Hindenburg “has resorted to extrapolation and conjecture to emphasize some facts and understate others in favor of negative inference against Adani Group Companies.
Gautam Adani’s estimated net worth was around $122 billion before the Hindenburg report came out. He ended 2023 in the No. 15 spot on Bloomberg’s Billionaires IndexHindenburg, named after the German airship disaster that blew up in 1937 over New Jersey, researches accounting irregularities, mismanagement, and undisclosed related-party transactions.