US-based short-selling firm teases the world by tweeting “New report soon – another big one” on March 23. The tweet has sent netizens on speculating spree of the research firm's next target. The research firm hasn’t revealed any specifics on who will feature in its next report.
The Nathan Anderson firm made headlines after it published a report on the Adani Group in January this year. The report claimed that the Adani Group companies were overpriced and estimated the “real value” of the companies which was an 80% correction from the companies' trading prices at that period.
Despite the Adani Group, denying the levied allegations, the Adani Group companies were on a selling spree, wiping out more than $150 billion of the conglomerate’s market value. Gautam Adani’s net worth saw a 51% correction in YTD change as reported by Bloomberg Billionaire’s Index.
Hindenburg Research looks into the accounting reports, stock, credit, potential mismanagement and hidden transactions to identify irregularities in companies before it publishes its report and subsequently short-selling the company. The company has been successful in breaking Nikola Corp, a US-based electric truck manufacturer, whose value dropped from $34 billion to $1.34 billion.
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