BusinessMarketsBill Ackman finds Hindenburg Research's report on Adani Group "highly credible"

Bill Ackman finds Hindenburg Research’s report on Adani Group “highly credible”

On Thursday, billionaire U.S. investor Bill Ackman publicly expressed his support for the recent report released by short-seller Hindenburg Research on India’s Adani Group. Ackman stated that he found the report to be “highly credible and extremely well researched.”

The report, which was released on Wednesday, accused the Adani Group of improper use of offshore tax havens. As a result of the report, shares in seven listed group companies of Adani experienced a significant drop in market capitalization, losing a total of $10.73 billion in India.

In response to the report, Hindenburg Research has announced that it holds short positions in Adani Group through its U.S.-traded bonds and non-Indian-traded derivative instruments. The Adani Group has stated that it is currently evaluating potential “remedial and punitive action” against Hindenburg, and has deemed the report to be “maliciously mischievous (and) unresearched.”

Read More: Here’s How Much Rs.10,000 Invested In Adani Power 1 Year Ago Would Be Worth Today

Hindenburg Research has also stated that if the Adani Group chooses to file a lawsuit in the United States, it will demand documents in the legal discovery process.

Bill Ackman Tweet

Ackman, who is the CEO of Pershing Square, has previous experience with short selling, having bet $1 billion against Herbalife starting in 2012. He argued that the company violated Chinese direct-selling laws and was operating as a pyramid scheme. However, he exited his short position in Herbalife at a loss in 2018, as the shares of the company experienced a significant increase of more than 150%.

It is important to note that Ackman has stated that he is not currently invested, long or short, in any of the Adani companies or Herbalife, nor has he conducted independent research on the matter.

Anjali Arora
Anjali Arora
A journalist with over 3 years of experience in the news industry. I have a deep understanding of the financial markets and a passion for staying up-to-date on the latest developments in the tech industry. In my articles, I expertly cover a wide range of topics, from stock market analysis to groundbreaking technology to general news.


Please enter your comment!
Please enter your name here

Share post:



More like this

Income Tax Slabs 2023-24 – New Tax Slabs

Income Tax Slabs 2023: The Indian government announced a...

Elon Musk’s Latest Social Media Move: Making his Twitter Account Private for a Day

Elon Musk, the CEO of Tesla and SpaceX, recently...

Mukesh Ambani surpasses Adani as richest Indian, thanks to Hindenburg report.

The Forbes Real-time Billionaires list has recorded a significant...

Centre will recruit 38,800 teachers – FM: Union Budget 2023

Union Finance Minister Nirmala Sitharaman delivered her Union Budget...