"NEOM" is a futuristic city being developed in Saudi Arabia. The name "NEOM" is derived from the words "new future" and is being built in a remote area in the northwestern part of the country, near the Red Sea and the borders of Egypt and Jordan. The city is being designed to be a hub for innovation and technology, with plans to develop industries such as biotechnology, renewable energy, and advanced manufacturing. It will also have a focus on sustainable living, with plans to use renewable energy sources and create a carbon-neutral environment. The NEOM project is a major part of Saudi Arabia's Vision 2030 plan, which aims to diversify the country's economy and reduce its dependence on oil. The project is expected to cost hundreds of billions of dollars and take several decades to complete. NEOM is a planned futuristic city in Saudi Arabia that aims to be a hub for innovation, technology, and sustainability. The name NEOM comes from the words &q
Short-selling is a trading strategy in which an investor borrows shares of a stock that they believe will decrease in value, and then sells those shares in the market. The investor hopes to profit by buying the shares back at a lower price and returning them to the lender, pocketing the difference as profit.
Hindenburg Research is a financial research firm that gained notoriety in 2020 for publishing a report accusing electric vehicle company Nikola of fraud. In June 2021, Hindenburg Research published a report on the Adani Group, specifically Adani Enterprises Limited (AEL), alleging that the company had engaged in "serious accounting irregularities" and had inflated the value of its assets. The report also alleged that AEL had engaged in a series of related-party transactions, which are transactions between a company and its related parties, such as its directors or their family members. The report further claimed that AEL had used these transactions to divert funds to other Adani Group companies, potentially at the expense of minority shareholders. Adani Group and AEL denied the allegations made by Hindenburg Research and called the report "blatantly erroneous." The company also stated that it would take appropriate legal action against the report's authors. It