Hindenburg is an investor known as an activist short seller who targets companies suspected of fraud and exposes fraud. Short-selling makes a profit from an investment when the stock price of the target company falls. Hindenburg acquired nearly 30 companies and made a name for himself by proving fraud at electric car maker Nikola. Nikola founder Trevor Milton.
India’s Adani Group’s Rise and Trouble
Indian conglomerates that control ports, coal mines and more face fraud allegations that have cost them billions of dollars in value.
The Adani Group dismissed Hindenburg’s allegations, calling the report “a calculated attack on India, the independence, integrity and quality of Indian institutions, and India’s growth story and ambitions.” Adani threatens to sue Hindenburg. replied by saying We welcome litigation in the United States that can demand Adani’s documents as part of legal discovery.
Adani, 60, poses as a businessman. His company manages ports, coal mines, food operations, airports and more, but critics say Mr. Adani’s political ties set him apart, with ties to Indian Prime Minister Narendra Modi. He said it helped the company win lucrative contracts.
Mr. Adani rejected the claim for preferential treatment. As his business empire grew, he was able to wipe out increasing scrutiny. The increase in the stock price of Adani’s subsidiary also sparked speculation that the stock was being manipulated.
Now he faces perhaps the biggest challenge of his career.
Last year, Adani’s net worth soared to around $120 billion, making him the richest person in Asia and one of the four richest people in the world. Bernard Arnault, Elon Musk and Jeff Bezos. But his personal fortune continues to dwindle amid sales that have hampered his business empire and his big growth ambitions. of more than 1, or more than $36 billion of him, in a matter of days.
