Gautam Adani has once again joined the elite club of billionaires with fortunes above $100 billion, a year after a short-seller attack led to a significant drop in his wealth.
What Happened: According to Bloomberg’s Billionaire Index, Adani’s net worth surged by $2.7 billion on Wednesday, reaching $100.7 billion. This is the highest it has been since Hindenburg Research accused his Adani Group of market manipulation and fraud in 2023, allegations that the group denied.
Adani Enterprises Ltd., his flagship company, saw its shares rise for the eighth consecutive day following an earnings report that showed a 130% surge in profit. Adani is now the 12th richest person globally, just one spot behind fellow Indian billionaire, Mukesh Ambani.
Adani’s wealth had plummeted by more than $80 billion in the month following the Hindenburg report, reaching a low of $37.7 billion. His conglomerate, which lost more than $150 billion in market value, spent months regaining the confidence of investors and lenders, repaying debt, and addressing regulatory concerns.
Investments from Rajiv Jain's GQG Partners LLC, the Qatar Investment Authority, and TotalEnergies SE, along with the Supreme Court of India’s order for the local markets regulator to conclude an investigation into the group, have all contributed to the rebound of Adani’s wealth.
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