Nate Anderson
@NateHindenburg
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Personal account. Check @hindenburgres for the research, come here for the color commentary. All opinions, all opinions my own.
Joined August 2011
Interesting…hours after Adani called our @HindenburgRes report an ‘attack on India’, we see hundreds of pro-Adani messages - all slightly different in content, yet all with the same unique spelling error
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Adani responded to our report by saying an "independent" law firm gave it the all-clear. Bloomberg asked if the claimed "independent" firm was CAM, where Gautam Adani's daughter-in-law is partner and her father Cyril Shroff heads the firm. Adani failed to answer. Why?
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Never forget Michael Saylor encouraging unsophisticated investors to liquidate every asset they own to buy Bitcoin on leverage.
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Deloitte just resigned as the statutory auditor of Adani Ports after the company failed to provide “appropriate audit evidence” to address issues raised in the @HindenburgRes report.
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Congrats! You’re already violating SEC rules immediately.
The SEC *just* approved my financial advisory company AND I'm officially licensed as a financial advisor. WOOHOOO!!!.
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Indian truckers say Hindenburg report was a godsend in Adani dispute — Reuters. Words cannot express how much I love every word of this. Truckers, if you are reading this—congrats! And much love from this corner of the world ❤️ .
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Note: After our report, Adani Enterprises reported a 42% INCREASE in profit in its coal trading division, despite coal falling 56%. Adani cited 'higher volumes' & vague 'cost optimization'. This never made sense. The new FT report calls Adani's recent financials into question.
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After a review of Adani, MSCI just announced: . “characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology.”. We view this as validation of our findings on offshore stock parking by Adani.
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Adani is attacking journalist Dan McCrum at the Financial Times (FT) over an upcoming article. The last company that tried that was Wirecard, later found to be the largest fraud in German history.
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The Wire out with an article debunking lies about @HindenburgRes by senior BJP officials, including:. - We are banned by FINRA (never).- Had bank accounts seized (no).- Can't publish on NYSE-listed co's (this isn't a thing).- Are under investigation (no).
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Binance to pay $4.3 billion in fines—WSJ. There’s no way Binance has that kind of cash without dipping into customer assets. A year ago they couldn’t respond to whether they’d survive a $2.1 billion hit. The countdown to insolvency has begun.
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In honor of today’s arrest of Sam Bankman-Fried here’s the video from 2 weeks ago of Kevin O’Leary saying he’d invest again with SBF if given the chance.
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Major development: The U.S. Department of Justice and the SEC are probing Adani, according to Bloomberg. Both agencies are said to be scrutinizing Adani's disclosures to investors.
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Bloomberg out with a piece on Vinod Adani, confirming he negotiates financing for Adani, was key to its largest acquisition & works 2-3 hours a day in an Adani office. Meanwhile, Adani is still claiming he has no official role & is not a related party.
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Remember this when they try to blame today’s CPI number on a “Putin price hike”.
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Of all things—now the Signpost, Wikipedia's independent newspaper, is out w/ an article showing how Adani systematically manipulated its Wikipedia entries using sock puppet accounts, undisclosed paid editors & removing evidence of conflicts of interest.
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The bottom is not in until shitcoins, laser eye people, ape pictures and all the other digital beanie babies are zeroed out. It was always dumb and everyone knew it.
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Forbes out with an article showing that anchor investors in the now-scuttled Adani FPO included offshore entities with ties to Adani. @HindenburgRes.
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The mystery of the Adani coal imports that quietly doubled in value. "Analysis of customs records suggests Indian conglomerate has been inflating fuel costs using offshore middlemen".
Adani is attacking journalist Dan McCrum at the Financial Times (FT) over an upcoming article. The last company that tried that was Wirecard, later found to be the largest fraud in German history.
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Bloomberg just reported on another Adani undisclosed related party transaction: . Gautam Adani’s daughter in law, Paridhi Adani, advised on Adani deals at law firm CAM, her father's firm, where she is a partner. Adani claims CAM is not a related party.
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SEC enforcement director resigns after 6 days. What happened here?
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WSJ out with an article corroborating key findings in our @HindenburgRes report, including how offshore entities holding shares of Adani have undisclosed ties to Adani.
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Bloomberg out with a column on Adani stock parking & money laundering allegations, including details on New Leaina, a Cyprus-based fund featured in our @HindenburgRes report that holds almost nothing but Adani stock.
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A couple of days ago, Ammar Zaidi of the Press Trust of India (PTI) published a story claiming that Adani worked with dozens of Mossad agents to ‘expose’ us. The article reads like lousy spy fiction and looks to be fabricated out of thin air. The reporter didn’t bother to reach.
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Exposed by short sellers:.2001: Enron .2002: Tyco.2008: Systemic mortgage fraud.2008: Lehman.2015: Valeant.2020: Luckin' Coffee.2020: Wirecard.2020: Nikola. Then: Shorts are outsiders, reviled by Wall Street. Today, apparently: Shorts are the suits, loved by the system.
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This guy who openly pumps and dumps stocks just got charged with fraud by the SEC. The markets are healing.
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Shares of bankrupt $HTZ are up 50% premarket on news that it might massively dilute its shareholders before canceling their equity and rendering it worthless. We are witnessing history folks.
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A cigar company announced that they are now in the cryptocurrency business and this happened. I'm not even kidding
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Everyone: doesn’t $6 trillion sound like a lot?. Kudlow: .
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Beyond overwhelmed by the response over the last day. Thousands of letters and messages—I assure you I’m reading every single one. Deeply moved and, again, forever grateful. ❤️.
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@BillAckman @Harvard In retrospect I’m glad they didn’t force her to resign when it was initially obvious that she should have. By fully supporting her, the board exposed the rot in the entire administration. Maybe there can be a genuine change after all of this.
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Mint out with an article showing how Adani's new credit presentation suddenly changed the group’s own definition of ‘cash & cash equivalents’ to include less liquid items like non-current investments, in an apparent effort to make Adani look more solvent.
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Every time I watch this a part of me thinks it's parody
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Imagine if Osama Bin Laden declared a ceasefire on September 12th. You do not murder hundreds of young people enjoying a music festival, burn entire families alive, take hundreds of civilians hostage, including kids, then just declare it all to be over. Release the hostages.
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Today, we @HindenburgRes are releasing 11 emails we sent to Deloitte's senior leaders, spanning nearly 5 months, that documented flagrant signs of fraud at Tingo Group, one of the most spectacular Big 4 audit failures of our time. Most companies committing fraud engage in a.
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Treasury Secretary Janet Yellen was paid $292,000 from Citadel for a single speech. These are the people "monitoring" retail investors and the $GME situation
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FED'S KASHKARI: WE KEEP GETTING SURPRISED ON INFLATION PRINTS. Same guy.
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If this picture of the $AMC CEO selling this empty field to his investors doesn’t define the whole business model I don’t know what does.
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It took an actual attempted coup to turn Nasdaq red by half a percent.
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This letter was remarkably considerate, as far as hate mail goes
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Traders on RobinHood starting to realize that THEY are the product, and the major high frequency trading firms are the real customers. And those firms wouldn’t be buying unless they were making money. RobinHood has never been “free”.
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I still can’t get over how 2021 is the year when millions of people decided that enriching corporate executives and their bankers by manipulating stocks up is how you “stick it to the suits”.
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Holmes had the best lawyers money can buy, enough sob stories to fill an ocean and a strategically timed baby right before trial and was still found guilty on 4 counts of investor fraud. Good luck Trevor Milton.
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From the SEC allegations just filed: Sam Bankman-Fried was stealing customer assets from inception. It was a fraud from the beginning.
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$COIN is $100 billion of no lock-up paper. Congrats to everyone who sold within the first 10 minutes.
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@cnnipr @nimaelbagir "She is a child and she is so innocent". "83 Palestinian women and 380 teenagers. are held in Israeli prison". How does this CNN piece not mention that the imprisoned woman carried out a stabbing attack against a police officer?.
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$HKD is a new IPO that just surged to a market cap of over $425 billion, despite having only ~$25m in annual revenue. The company is ~88.7% owned by AMTD, a sketchy Hong Kong-based underwriter we at @HindenburgRes have written about previously. (1/x)
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This guy was never qualified to manage a gumball machine. Now he's teetering on a multi-billion dollar margin call.
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$HTZ is currently 52% higher than its closing price the day before it filed for bankruptcy, despite no expected equity recovery. $600+ million market cap of complete air. What a market we are in.
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Bankrupt $HTZ is now trying to put in place a $1 billion at-the-market equity offering to sell its worthless stock to bagholders to enhance recovery for lenders. Thank you 2020.
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The astonishing thing is that bankrupt stocks are up BECAUSE they're bankrupt, not despite it. Retail investors are chasing bankrupt names because of how well they've performed. due to other retail buying. Yes, there is actually a BANKRUPTCY STOCK BUBBLE happening right now.
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How many times does @ScottWapnerCNBC need to get dunked on by @chamath before he self reflects a little bit and learns the basic moral and economic principles of a free market system?.
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Journalist Paranjoy Guha Thakurta is out with a piece presenting extensive evidence showing how Adani-connected entities worked with Chinese nationals to violate UN Security Council sanctions against North Korea.
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Ahhh, I was wondering why $GME was up 75% and then I realized it's because their key holder (the Chewy founder) tweeted this picture of an ice cream cone. Makes a lot more sense now.
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Today, a short-seller 'liquidation' scam: . Primega Group, $PGHL, is a Nasdaq-listed, Hong-Kong based entity that some some had likely shorted due to it being an obvious scam. The stock spiked 108% today on no news and was halted all day after being unable to settle on an
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The market is at all time highs while margin debt has increased by record levels. This is a lurking disaster.
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This is the kind of nonsense happening on the Nasdaq exchange on a daily basis. Chinese "companies" scamming over and over and over with zero consequence (other than getting away with stealing massive amounts of money). $HUDI
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For those thinking the Twitter v. Musk case will take years: . The judge just informed the parties that she has covid. Rather than postpone, she just moved tomorrow's motion to expedite hearing to Zoom. $TWTR
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If the market drops and there's ever a "what went wrong" Congressional hearing, the exchanges need to be front and center. Especially Nasdaq. They have abdicated their gatekeeper role completely. The amount of open fraud trading on 'premier' U.S. exchanges is horrifying.
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$TWTR just hired Wachtell Lipton for its Delaware Chancery court case against Elon Musk. The firm employs former Chancellor Leo Strine. Figuring where this was going, we emailed Strine several months ago and asked for his views. His take in a nutshell: "Clown Time is Over"
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Bitcoin is down ~60% from its peak yet Tether’s claimed assets only go up. When this comes tumbling down it will weigh on crypto for a decade
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The independent evidence corroborating our work on Adani is overwhelming. All eyes are on Indian regulators to see if they will act on that which is now completely obvious. @HindenburgRes .
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This is a great team that I have known for a long time and includes some Hindenburg alumni. Definitely worth a follow.
We’re Morpheus Research, a new investigative research group dedicated to exposing corporate misconduct and fraud. Stay tuned for our first report dropping soon.
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Now the crypto people find out what happens when there's a Lehman moment with no Fed to backstop anything.
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This was Nikola’s response after our @HindenburgRes short report. But when under oath, the company’s key executives confirmed our findings. Something to remember next time a company uses this language about critical research without providing any substantive rebuttal. $NKLA
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Cathie Wood on CNBC declaring "we couldn't be further from a bubble" right as the bubble begins to pop will go down as an all-time classic.
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With Nasdaq spiking to all-time-highs and with FartCoin trading at a $500 million market cap, Bloomberg is out with yet another article attempting to demonize short sellers. As part of a broader article, the crack research team at Bloomberg uncovered that in 2020 an investor.
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Here is the link to MSCI’s announcement on the Adani Group, for reference:
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We’ve had a flood of 15+ inbounds in the past week asking us to look at potential accounting fraud at $CVNA. More than I've ever seen in so short a span of time, many that describe granular red flags. Carvana is a relatively 'known' problem name with an enthusiastic retail base.
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This is outrageous and insulting. The bounty for my head should be at least 10x this amount.
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@Snowden It was among the most targeted military operations in history that almost exclusively killed or wounded combatants of a terrorist organization.
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Twitter Master Plan:. 1. Pay 5x what Twitter is worth.2. Owe $100m/month in interest.3. Fire 50% of staff.4. Launch $8/month revenue grab service.5. Immediately shut it down after it backfires horribly, at scale.6. Fire more critical people.7. Panic rehire them.8. ????.9. Profit.
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The S&P 500 is now positive YTD despite a massive recession and 21 million still unemployed. Meanwhile, 5 stocks in bankruptcy were up triple digits today despite little to no expected equity recovery:. $VAL: +132%.$CHK: +175%.$WLL: +151%.$XOG: +247%.$HTZ: +114%.
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@AdinHaykin1 Was this Tanzanian student an ‘oppressor’ and a ‘colonizer’ too? . The support for Hamas shows that people have no idea what Hamas is.
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BREAKING: The SEC just charged Dan Bilzerian's company, Ignite Brands, and multiple related individuals with fraud over allegations that it falsified its financial records. Bilzerian's "recidivist" father Paul orchestrated the fraud, per the SEC.
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As far as auditor statements go, E&Y's $SMCI resignation letter is about as strongly worded as I have seen. The next question may be: What does Nvidia do about a client whose auditor suggests they lack "a commitment to integrity and ethical values"?. "We can no longer provide.
NEW FROM US: . Super Micro—Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer. $SMCI. (1/x).
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Tesla hitting all time highs while Lin Wood rants about Jeffrey Epstein being alive and involved in a pedo ring with Chief Justice Roberts seems like a pretty fitting way to close out 2020.
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@sentdefender All while writing to blame Israel for the destruction that his actions caused. A perfect analogy
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Tether is rightfully terrified that its reserves might be revealed publicly. Commercial paper is not a usually a proprietary secret. It is supposed to be a boring, highly secure, low-yielding instrument. I predict that @paoloardoino and @bitcoinlawyer end the year in handcuffs.
Tether asks court to protect confidential information of private companies⬇️.
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To anyone who finds this massive CPI print surprising
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This is the disclaimer language in Tether's new attestation report. All of crypto is simultaneously a tragedy and a comedy.
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$NKLA added a new disclosure to its website about a half hour ago. Not even kidding
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This should be jail for Celsius CEO Mashinsky. Total ponzi scheme.
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@LoganPaul This sounds like a dude who just got hit with a regulatory subpoena for running a scam.
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Thousands of retweets. Top trending story: Accused Russian agent donates solely to Tulsi Gabbard. Five paragraphs down into the article we finally see the donations total $59.95. Whether you like or dislike Gabbard this is bullshit
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Problems With Ed Dorsey. This morning, I saw that a blog by Ed Dorsey falsely and ridiculously alleged we plagiarized from him. To be clear, I don’t read this blog, and have never in any way used or relied on his work in our own. Hindenburg Research regularly cites hundreds of
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Inspirational: You don’t really need to know math to make it in finance kids
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Lots of these vibes going on right now in cryptoland
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Hamas murdered and kidnapped Israeli civilians, knowing Israel would seek to rescue them. Hamas hid the hostages in homes in densely populated civilian areas, guarding them with soldiers dressed in civilian clothes, intentionally blending them in with the civilian population.
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So as of Jun. '21 Hertz has $1.8b cash, $8.5b debt, and just somehow placed an order for $4.2b in vehicles from $TSLA?. Am I missing anything here? . If it's a marketing stunt to remind the world that Hertz is semi-alive it seems to have worked. $HTZZ
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