After nearly a year since the Hindenburg bombshell, Gautam Adani has re-entered the exclusive $100 billion club. His net worth surged by $2.7 billion on Wednesday, reaching $100.7 billion, according to the Bloomberg Billionaires Index. The shares of his flagship company, Adani Enterprises Ltd, have been rising for eight consecutive days following a robust earnings report last week, which revealed a staggering 130 per cent increase in profit.
Gautam Adani has an Impressive Comeback
Adani now holds the 12th position among the world’s wealthiest individuals, trailing just behind Mukesh Ambani. While Mukesh Ambani’s fortune reached a record high earlier this month, Adani’s wealth still lags behind its 2022 peak by approximately $50 billion. Adani faced a setback last year when his wealth plummeted by over $80 billion in the wake of the Hindenburg report, hitting a low of $37.7 billion. His conglomerate endured a turbulent period, losing more than $150 billion in market value. However, through concerted efforts to regain investor confidence, repay debt, and address regulatory concerns, Adani has managed to recover remarkably.
Adani Group Key Investments Fuel Growth
Investments from entities like Rajiv Jain’s GQG Partners LLC, the Qatar Investment Authority, and TotalEnergies SE have bolstered Adani Group companies.
Adani Green Energy Ltd, the conglomerate’s environmentally focused arm, is reportedly discussing raising around $500 million through dollar bonds, marking its first overseas issuance since the Hindenburg report.
Supreme Court Directs Investigation into Adani Group
In January, the Supreme Court of India instructed the local markets regulator to complete its investigation into the Adani Group within three months. This move hinted at a possible resolution to regulatory concerns, which, in turn, boosted the shares of Adani Enterprises.
Gautam Adani Impressive Wealth Rebound
Despite experiencing the largest wealth loss in 2023, Gautam Adani has rebounded impressively in 2024, regaining $16.4 billion this year, marking one of the most significant jumps among the world’s super-rich as tracked by Bloomberg.
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