Nathan Anderson, who started Hindenburg in 2017, cited the toll of the “rather intense, and at times, all-encompassing” nature of the work as the reason for his decision, in a website post published on Wednesday.

“There is not one specific thing — no particular threat, no health issue and no big personal issue,” Nathan Anderson wrote in a letter.

“The intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me,” he added.

Anderson, 40, made international waves in January 2023, publishing a report accusing Adani Group of Gautam Adani of “pulling the largest con in corporate history”. Gautam Adani ranked as the world’s fourth-richest person at the time, according to the Bloomberg Billionaires Index.

In the past, Gautam Adani said Hindenburg Research’s damning report against the Adani group was not just to destabilise the apples-to-airport conglomerate but to also politically defame India’s governance practices.

This is a developing story. Please check back for updates.