In 2023, the firm was thought to employ about a dozen people. Its website describes its activities as follows:... we believe the most impactful research results from uncovering hard-to-find information from atypical sources. In particular we often look for situations where companies may have any combination of: Accounting irregularities Bad actors in management or key service provider roles Undisclosed related-party transactions Illegal/unethical business or financial reporting practices Undisclosed regulatory, product, or financial issuesThe firm's first influential report – in September 2020 – targeted electric vehicle manufacturer, Nikola Corporation. The report alleged that Nikola was lying about its technology and the performance of its products. The U.S. Securities and Exchange Commission and the U.S. Department of Justice investigated these claims and Trevor Milton, the founder of Nikola, was ultimately convicted of fraud charges. In January 2023, a high-profile Hindenburg report covered alleged massive stock manipulation and accounting fraud by the Adani Group, an Indian conglomerate headed by, Gautam Adani, one of the richest men in the world. Anderson is not forthcoming about his wealth or personal status (he refuses interviews, for example). Furthermore, Hindenburg Research is not publicly traded, so few rules for information disclosure apply to its top officers. It is thought, however, that, via his ownership stake in Hindenburg Research, he is at least a multi-millionaire. References Living people American money managers American financial analysts Year of birth missing (living people)