Who is Nate Anderson, the key figure behind firm that dragged down Adani from India's richest tag

Hindenburg Research, whose reports resulted in wiping out billions of dollars of Indian billionaire Gautam Adani and his companies, has been shut down, its founder Nate Anderson announced Wednesday.

"As I've shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today," Anderson announced.

Read more: Hindenburg Research Shut Down

Who is Nate Anderson?

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. The company invests its own capital.

It was named after the high profile disaster of the Hindenburg airship in 1937 which ignited as it flew into New Jersey. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit.

Nathan Anderson, who graduated from the University of Connecticut with a degree in international business, started his career in finance at data company FactSet Research Systems Inc, where he worked with investment management companies.

Read More: Hindenburg Research to shut shop: 7 giants that the US short-seller disrupted in 7 years

"I realized they were doing a lot of run-of-the-mill analysis, there was a lot of conformity," he told the Wall Street Journal (WSJ) in 2020. He also did a brief earlier stint as an ambulance driver in Israel. The short-seller says on his LinkedIn page that it gave him "experience thinking and acting under extreme pressure." Anderson has said in interviews that Harry Markopolos, an analyst who first flagged Bernie Madoff's fraud scheme, is his role model.Hindenburg has flagged potential wrongdoing in over 16 companies since 2017, according to its website.