Hindenburg Research likely to have reaped small gains from Adani, Dorsey, Icahn’s $173 billion misery: Report

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Also Read: Icahn Enterprises cuts dividend in half following Hindenburg's accusations Despite this huge figure, the combined profit for all investors who shorted the shares right after the report was around $56 million, not factoring in the setup costs, the Bloomberg report said. Earlier this year, Anderson went after Gautam Adani’s business empire and released a report accusing the then world’s third richest man of ‘pulling the largest con in corporate history’ and alleging that the conglomerate was involved in a “in a brazen stock manipulation and accounting fraud scheme over the course of decades.’ Anderson shorted Adani bonds, which might have yielded smaller gains as experts believe due to the challenges of building a sizable position in that market, the Bloomberg report added.

Also Read: Gautam Adani takes a dig at Hindenburg research report Moreover, his wager against Dorsey's payment venture, Block Inc, also possibly could have resulted in even smaller gains based on market data, the news report said. All these three reports managed to meet or exceed Anderson’s typical impact on stock prices.

These targeted companies and the people running them have, at times, again and again, disputed the short seller’s reports and its findings. Since 2020, Hindenburg has targeted about 30 companies, leading to an average 15% plunge in their stock prices on the day following the reports, Bloomberg report said.