The short-selling company Hindenburg Research, which went national spotlight uncovering fraud at EV startup Nikola (NKLA), said Wednesday that it would cease operations.

“As I have shared with family, friends and our team since late last year, I have made the decision to dissolve Hindenburg Research,” founder Nate Anderson. he wrote in a post on Wednesday. “The plan has been to finish after we finished the portfolio of ideas we were working on. And like the last few Ponzi cases we’ve just completed and are sharing with regulators, that day is today.”

In 2024, Hindenburg discovered what he said were accounting irregularities at data center company Super Micro Computer (SMCI), which was later forced delay the presentation of some financial statements.

Hindenburg’s 2023 reports on the Indian conglomerate Adani i Icahn Companies both saw the company take on two of the world’s most powerful investors.

Hindenburg’s biggest report broke in 2020, when the company revealed flaws in the Nikola EV truck startup, including the discovery that the company launched a prototype of its electric truck on the low end.

The founder and CEO of Nikola was Trevor Milton then sentenced to four years in prison after being found guilty of defrauding investors.

In 2019, Hindenburg said this Online Orthodontics Startup SmileDirectClub it was “carelessly cutting corners in a field of specialty medicine, putting client safety at risk.” The company went out of business at the end of 2023.

The first Hindenburg report was published in 2017. In his Wednesday memo, Anderson said he plans to release “materials and videos to open source all aspects of our model and how we conduct our investigations.”

“My hope is that after fully sharing our process, in a couple of years I’ll get an unsolicited message from someone reading this (maybe you), who embraces the same passion, learns the craft and find the confidence to shed some light on a subject that needs it, despite the obstacles in your way,” Anderson wrote.

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