Hindenburg Research has taken a short position against Carvana, alleging that the online used car retailer has engaged in deceptive practices that mislead investors and inflate its financial performance. The report claims that Carvana’s business model is unsustainable and that the company has manipulated its financial statements to present a more favorable picture than reality. This has raised concerns among investors and analysts about the long-term viability of Carvana’s operations.