How One Billionaire Emerged Richer After Being Targeted by Short Seller Hindenburg
- Freedom Holding’s stock rose to record days after revelations
- Turlov says short seller underestimated level of client trust
Timur Turlov as Freedom Holding begins trading on the Nasdaq in New York in 2019.
Photographer: Alexander Ryumin/Tass/Getty ImagesThis article is for subscribers only.
Timur Turlov is still trying to make sense of how Hindenburg Research’s bet against his Kazakh brokerage backfired so much that at one point it left him with a paper windfall of more than $1 billion.
The US short seller took aim at the Kazakh billionaire’s Freedom Holding Corp. in August with accusations that ranged from fraud and market manipulation to circumventing sanctions. Days later, the company’s stock surged to a record.