After nearly a year, Gautam Adani has rejoined the exclusive $100 billion club. His net worth surged by $2.7 billion to reach $100.7 billion on Wednesday, marking the highest level since the Hindenburg bombshell.
The shares of his flagship company, Adani Enterprises Ltd., continued their upward trend for the eighth consecutive day following a robust earnings report last week, which revealed a 130% increase in profit. Adani now holds the title of the 12th-richest person globally, trailing just behind Mukesh Ambani, as per the Bloomberg Billionaires Index. Despite Ambani’s fortune hitting a record high earlier this month, Adani’s net worth remains approximately $50 billion below its peak in 2022.
Adani experienced a significant wealth decline of over $80 billion in the month following the Hindenburg report, plummeting to a low of $37.7 billion. His conglomerate faced considerable challenges, shedding more than $150 billion in market value. However, Adani Group embarked on a strategy to regain investor confidence and repay debts, addressing regulatory concerns along the way.
Last year, Rajiv Jain’s GQG Partners LLC injected approximately $4 billion into Adani Group companies. Additionally, the Qatar Investment Authority and TotalEnergies SE made significant investments totaling almost $500 million and $300 million, respectively, in a joint venture with Adani Green Energy Ltd., the conglomerate’s renewable energy arm. Recently, there have been discussions indicating that Adani Green is considering raising around $500 million through dollar bonds in its first overseas issuance since the Hindenburg report. Furthermore, in January, the Supreme Court of India directed the local markets regulator to conclude its investigation into the Adani Group within three months, easing concerns and boosting Adani Enterprises’ shares.
Following a substantial wealth loss in 2023, Gautam Adani has rebounded in 2024, gaining $16.4 billion, representing one of the most significant wealth recoveries among the world’s wealthiest individuals tracked by Bloomberg.
