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.
New York, NY
Joined August 2011
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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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Remember this when they try to blame today’s CPI number on a “Putin price hike”.
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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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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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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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@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 $AMC CEO selling this empty field to his investors doesn’t define the whole business model I don’t know what does.
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It took an actual attempted coup to turn Nasdaq red by half a percent
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This letter was remarkably considerate, as far as hate mail goes
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Holmes had the best lawyers money can buy, enough sob stories to fill an ocean and a strategically timed baby right before trial and was still found guilty on 4 counts of investor fraud.
Good luck Trevor Milton.
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I still can’t get over how 2021 is the year when millions of people decided that enriching corporate executives and their bankers by manipulating stocks up is how you “stick it to the suits”
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Traders on RobinHood starting to realize that THEY are the product, and the major high frequency trading firms are the real customers.
And those firms wouldn’t be buying unless they were making money. RobinHood has never been “free”.
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From the SEC allegations just filed: Sam Bankman-Fried was stealing customer assets from inception.
It was a fraud from the beginning.
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$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 ~$25m in annual revenue.
The company is ~88.7% owned by AMTD, a sketchy Hong Kong-based underwriter we at
@HindenburgRes
have written about previously.
(1/x)
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$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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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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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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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. $TWTR
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The market is at all time highs while margin debt has increased by record levels.
This is a lurking disaster.
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$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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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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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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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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Here is the link to MSCI’s announcement on the Adani Group, for reference:
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Has there ever been a more obvious “sell the news” event in history than dogecoin spiking on speculation that Elon might do an SNL skit about it?
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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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@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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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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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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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%
$HTZ: +114%
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Tesla hitting all time highs while Lin Wood rants about Jeffrey Epstein being alive and involved in a pedo ring with Chief Justice Roberts seems like a pretty fitting way to close out 2020
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Tether is rightfully terrified that its reserves might be revealed publicly.
Commercial paper is not a usually a proprietary secret. It is supposed to be a boring, highly secure, low-yielding instrument.
I predict that
@paoloardoino
and
@bitcoinlawyer
end the year in handcuffs.
Tether asks court to protect confidential information of private companies⬇️
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To anyone who finds this massive CPI print surprising
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@LoganPaul
This sounds like a dude who just got hit with a regulatory subpoena for running a scam
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This is the disclaimer language in Tether's new attestation report.
All of crypto is simultaneously a tragedy and a comedy.
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This should be jail for Celsius CEO Mashinsky.
Total ponzi scheme.
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$NKLA added a new disclosure to its website about a half hour ago.
Not even kidding
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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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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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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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Tether 2019 vs. 2021.
Still amazed that this is a $55 billion market cap underpinning to the crypto market and it's occurring in broad daylight.
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Amazed at how many people are saying Buffett is too old because he expressed caution and missed the "bottom".
Have they stopped to consider that maybe he's right to not want to buy 20x P/E shitcos during the middle of a massive recession with an unknown duration?
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SoftBank running a massive pump and dump on the entire tech sector is pretty on brand for them
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Trevor Milton's argument for why he should only be sentenced to parole for lying to investors about everything:
"(He) sees the world differently than most other people. Where others see darkness, Trevor sees light. Where others see despair, Trevor sees hope."
Pure gold
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@visegrad24
Westerners do not understand this mindset.
They often assume it’s in response to trauma rather than recognize these are people with agency who have just chosen a vastly different life path than they are familiar with.
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Trevor Milton reported selling 3.5 million shares of $NKLA for $48.6 million on Friday at 8:30pm.
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@IDF
Hamas finding innovative ways to systematically exploit sympathy for innocent Palestinian children
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Two days ago, the CEO of Sam Bankman-Fried's entity (Alameda Research) publicly offered to buy all of Binance's FTX token (
#FTT
) for $22.
Right now, the token is at ~$16.90.
If they have the money they will defend the price. The longer they don't, the worse things look for FTX.
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Sam Bankman-Fried is just out here confessing to Vox.
This guy is just a total garbage human.
#SBF_FTX
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