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Popping bubbles as we see them. We express strong opinions. Not investment advice.
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Jan 25 56 tweets 19 min read

Adani Group – How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History


(1/x) Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. (2/x)
Dec 7, 2022 22 tweets 8 min read

Welltower: Exposing The Shell Game

hindenburgresearch.com/welltower/ $WELL

(1/x) Welltower Inc. $WELL is a healthcare REIT with a $32 billion market cap that is the largest owner of senior housing facilities in the U.S., with investments in 1,568 properties.

Oct 19, 2022 21 tweets 7 min read
NEW FROM US: Establishment Labs: A Financially Stretched Silicone Safety Charade


hindenburgresearch.com/establishment-… $ESTA Founded in 2004, $ESTA manufactures and sells breast implants that it claims are vastly safer than competitors due to its "revolutionary technology" backed by "rigorous science" and "clinical data".
Sep 29, 2022 45 tweets 18 min read
Trevor Milton, billionaire founder of $NKLA, is currently on trial for fraud.

Shortly after his hydrogen truck company was exposed, an army of hackers and spies started targeting his critics and whistleblowers.

Here's what happened & how we turned the tables.

(1/x) In September 2020, we reported that $NKLA's hydrogen truck tech was too good to be true.

The report included evidence from a key anonymous whistleblower: @InsiderNikola

Milton was subsequently criminally charged with fraud.

(2/x) Image
Jun 16, 2022 25 tweets 10 min read

Ebix—This House of "Cards" Seems To Have a Glaring Fake Revenue Problem


hindenburgresearch.com/ebix $EBIX $EBIX is a U.S. listed conglomerate with a focus on payment services, travel, and IT in India with a market cap of about $800 million and an eccentric Chairman & CEO, Robin Raina. ImageImage
Jun 1, 2022 38 tweets 13 min read
NEW FROM US: Miracle Cures and Murder For Hire–How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies


hindenburgresearch.com/enochian $ENOB Last week, $ENOB's co-founder, “scientific founder”, “inventor”, and largest shareholder, Serhat Gumrukcu, was arrested by Federal authorities over allegations that he conspired in a plot that resulted in the murder of a Vermont father of six. Image
May 5, 2022 18 tweets 7 min read

Singularity Future Technology—This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme


hindenburgresearch.com/singularity/ $SGLY $SGLY's CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims.


Apr 6, 2022 26 tweets 11 min read
NEW FROM US: Mullen Automotive– Yet Another Fast Talking EV Hustle

hindenburgresearch.com/mullen/ $MULN

(1/x) Mullen $MULN is an aspiring EV manufacturer that came public in late 2021 via reverse merger. It has yet to produce a sellable vehicle.
Mar 24, 2022 14 tweets 5 min read
New From Us—J&J Purchasing: When It Sounds Too Good To Be True


(1/x) As some readers of Hindenburg may be aware, our founder, Nate Anderson, got his start in the fraud research world by investigating suspected Ponzi schemes and private market fraud. Today, we go back to our origins.
Mar 9, 2022 25 tweets 10 min read
New from us: Natera– Pioneers In Deceptive Medical Billing

hindenburgresearch.com/natera/ $NTRA

(1/x) $NTRA is an Austin-based genetic testing company providing DNA screening services.

Its core product business is largely in women's health and non-invasive prenatal testing (NIPT), which comprised approximately 91% of the company’s 2021 revenue.

Feb 3, 2022 22 tweets 9 min read
New from us:

Standard Lithium–All The Hallmarks of A Made-In-Vancouver Stock Promotion Scheme Fueled By EV Lithium Hype


hindenburgresearch.com/standard-lithi… $SLI Standard Lithium $SLI is a zero-revenue mining company that uplisted to the NYSE in July 2021 with a fantastic-sounding story of being a first mover in direct-lithium-extraction (DLE), a technology that aims to revolutionize lithium mining. Image
Jan 6, 2022 12 tweets 4 min read
We are short $RCL, which we believe to be one of the most dislocated “re-opening” stocks on the market today.

The outlook for $RCL and the cruise industry is far more grim than other hospitality and leisure “post-Covid” stories. $RCL’s enterprise value recently eclipsed its pre-pandemic highs.

This is despite adding ~$10.1 billion in debt (nearly doubling its debt), major dilution and severely negative free cash flow.
Dec 9, 2021 19 tweets 7 min read

Tecnoglass—Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC

hindenburgresearch.com/tecnoglass/ $TGLS

(1/x) $TGLS has surged ~390% this year on record results fueled by a pandemic real estate boom in Florida, the company’s key market. But we believe there's much more to the story. (2/x)
Oct 19, 2021 5 tweets 1 min read
We have doubts about the legitimacy of Tether, so today we announce the Hindenburg Tether Bounty Program, a reward of up to $1,000,000 for details on Tether’s backing.


hindenburgresearch.com/tether/ Since the claims that garnered it “stablecoin” status were made, Tether subsequently revealed that its coin was backed only by a small percentage of traditional currency, and that much of its backing consists of holdings in commercial paper issued by unnamed counterparties.
Jul 29, 2021 4 tweets 1 min read
BREAKING: $NKLA founder Trevor Milton has been indicted for making false statements.

We commend regulators for acting expediently to protect investors and hold Milton accountable for his egregious lies. We also want to congratulate the brave whistleblowers who came forward when they saw something wrong, despite immense pressure to stay silent. This day would not have happened without their contributions. $NKLA
Jun 15, 2021 22 tweets 8 min read

DraftKings– A $21 Billion SPAC Betting It Can Hide Its Black Market Operations


hindenburgresearch.com/draftkings $DKNG We think $DKNG has systematically skirted the law and taken elaborate steps to obfuscate its black market operations from the investing public.

These violations appear to be continuing to this day, all while insiders aggressively cash out amidst the market froth.
May 20, 2021 18 tweets 6 min read

HUMBL– Illusions of Grandeur, Collapsing International Deals, And Lurking Dilution On A Massive Scale


hindenburgresearch.com/humbl $HMBL $HMBL is an early-stage fintech company with a $5.6 billion fully diluted market cap that recently reverse-merged onto the OTC.

It ended its most recent quarter with ~$156,000 in revenue and currently has ~$4.5 million in cash. It had zero revenue in 2020.
May 6, 2021 16 tweets 5 min read
NEW FROM US: PureCycle—The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street

hindenburgresearch.com/purecycle $PCT

(1/x) PureCycle is the latest zero-revenue, ESG-themed SPAC taken public with a bold story about how it will someday revolutionize the plastics recycling industry.

Apr 6, 2021 14 tweets 6 min read
NEW FROM US– Ebang: Yet Another Crypto “China Hustle” Absconding With U.S. Investor Cash


hindenburgresearch.com/Ebang/ $EBON $EBON is a China-based crypto company that has raised ~$374 million from U.S. investors in 4 offerings since going public in June 2020.

We think a majority of that investor capital has been diverted out of the company and is never coming back.
Mar 12, 2021 19 tweets 7 min read
NEW FROM US: The Lordstown Motors “Mirage”: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno

hindenburgresearch.com/lordstown/ $RIDE

(1/x) Lordstown is an EV SPAC with no revenue and no sellable product, which we believe has grossly misled investors on both its demand and production capabilities. $RIDE
Mar 9, 2021 7 tweets 3 min read
In late February, we called $SOS an obvious shell game.

A new FAQ released by the company today, with some stunning admissions, makes this even clearer.


finance.yahoo.com/news/sos-respo… We earlier noted that HY International, a purported independent seller of crypto mining rigs, shared an address with an $SOS subsidiary.

Today, $SOS admitted HY was a shell company set up to supposedly preserve the confidentiality of the seller. Image