Gautam Adani rejoins $100-billion club after Hindenburg crisis

Gautam Adani’s net worth surged by $2.7 billion to reach $100.7 billion on Wednesday, marking his return to the elite $100 billion club after almost a year.

Adani Enterprises soars

Shares of Adani’s flagship company, Adani Enterprises Ltd., rose for the eighth consecutive day following an impressive earnings report, showing a remarkable 130% surge in profit.

Ranking among the wealthiest

Adani now ranks as the 12th-richest person globally, closely trailing behind Mukesh Ambani, according to the Bloomberg Billionaires Index.

Recovery from previous setbacks

Although Ambani’s fortune reached a record high recently, Adani’s wealth is still approximately $50 billion below its 2022 peak. Adani faced a significant setback, with his wealth plummeting by over $80 billion following a challenging period.

Investor confidence restored

Adani Group spent months restoring investor confidence and addressing regulatory concerns, resulting in significant investments from companies like GQG Partners LLC, Qatar Investment Authority, and TotalEnergies SE.

Positive regulatory developments

The Supreme Court of India’s directive to conclude investigations into the Adani Group within three months and subsequent market regulator’s affirmation helped bolster shares of Adani Enterprises.

After experiencing the largest wealth loss in 2023, Adani has bounced back remarkably in 2024, regaining $16.4 billion, showcasing one of the most significant wealth recoveries among the super-rich tracked by Bloomberg.