BANGKOK (AP) — Nate Anderson, the founder of the investigative financial information firm Hindenburg Research, has announced the disbanding of the organization after completing its planned projects. Founded in 2017, Hindenburg made a name for itself by uncovering fraud and financial abuses through comprehensive research, significantly impacting the stock prices of the companies it targeted. The firm operated primarily through short-selling, profiting when its reports led to declines in the stock and bond prices of these firms.

Recently, Hindenburg focused its attention on the Adani Group, an Indian conglomerate accused of "brazen stock manipulation and accounting fraud." The firm claimed to have conducted two years of extensive research that included interviews with former senior executives of Adani and an evaluation of thousands of documents related to the company's practices.

In a letter shared on X, previously known as Twitter, Anderson expressed that he was "writing this from a place of joy," indicating that while Hindenburg had been an important part of his life, it was not the sole definition of his identity. He revealed that his decision to step down was not driven by a specific event or cause, but rather by a growing realization that the intense focus on work had led him to lose connections with family and friends, as well as precious experiences.

Looking ahead, Anderson stated that he would work on providing open-source information regarding the methodologies Hindenburg utilized in its investigations. This transparency aims to benefit future researchers and maintain the firm's legacy in promoting accountability in financial markets.

In his letter, he also conveyed apologies to his family and friends, acknowledging the times he ignored personal relationships due to his work commitments. He expressed enthusiasm for the prospect of spending more quality time with his loved ones moving forward.

Anderson mentioned that he will support his team members in their future endeavors. Some of them plan to establish their own research firms, in which he will not participate, while others will transition into freelance roles or "free agents" in the industry. In his tenure at Hindenburg, Anderson noted that almost 100 individuals had faced criminal or civil charges from regulators, a trend partially attributed to the firm’s investigations.

As Hindenburg concludes its operations, the firm leaves behind a complex legacy. Its rigorous investigations have brought to light significant misconduct in financial practices, and its disbanding marks a notable transition in the field of financial research and activism.