I have been following the hindenburg research from quite some time and I feel the only motto for them is to release the result or fraud as they claim about a listed company is that they want to make money by short selling it.
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The chronology is all about short selling the stocks, try to come out with their audit and then when the stocks go down they make a lot of money. Now the thing is there can be a lot of wrong things which can be mentioned in the research which might not be true for some of teh companies. There can be truth, but there are instances where the audit was not fully true.
So what happens after the report, the share price goes down and thus Hindenburg reaserch make a lot of money. Now once everything settles down, the share price again goes up but the retail investors might have lost a lot of money in the process. And I know many would have left that company, but that company after going down comes up and thus some big people make money.
I am not sure how much Hindenberg company make money but what I do know is that they are not saints. They work their ass off to find a flow in some company so that they can make money. For most of the investors we find the good thing about the company to be part of it whereas it flags the company for its short selling activities.
The similar case was of Adani vs Hindenberg where the stock prices of Adani went down almost 70% but now it has recovered 50%. So yeah Hindenberg might have earned a lot when the shares down by 70% by short selling it whereas some people might have earned when it again went up by 50%.
That's what Hindenberg Research does.