Gautam Adani, chairman of the Adani Group, has now ascended to the 16th spot on the list of the world’s wealthiest people, with his net worth exceeding $70 billion, as per the Bloomberg Billionaires Index.
What Happened: Adani’s wealth surge comes on the back of a significant recovery in Adani Group stocks in the past few weeks. The company’s shares soared today following reports that the US government investigated allegations of corporate fraud before approving a hefty $553 million loan for a Sri Lankan container terminal project. The International Development Finance Corp. (DFC) reportedly dismissed these allegations during their due diligence investigation.
However, despite the impressive surge, Adani still is the position of the second-richest individual in India, following Mukesh Ambani. Ambani, with an estimated total net worth of $90.4 billion, is ranked 13th globally. Ambani has seen significant wealth growth in the year 2023, with his net worth increasing by over $3.33 billion during this period.
Adani, on the other hand, went through a period of turbulence when the Group faced allegations of accounting fraud and stock manipulation. These allegations, made by US short-seller Hindenburg Research, caused a near $100 billion reduction in the group’s market value earlier this year. His net worth is still down around $50 billion from the highs it saw as Gautam Adani became the third richest person in the world.
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