Gautam Adani recovers a significant portion of his wealth, rejoining the $100 billion club.
One year following the Hindenburg turmoil, Indian billionaire Gautam Adani reclaimed a significant portion of his wealth, with his net worth rising by $2.7 billion to reach $100.7 billion.
It took Gautam Adani a year to reclaim his position in the exclusive club of individuals with fortunes surpassing $100 billion. The Indian tycoon has recouped a significant portion of his wealth after facing a downturn triggered by a short-seller attack in early 2023. On Wednesday, Adani's net worth increased by $2.7 billion to $100.7 billion, marking its highest point since Hindenburg Research accused his Adani Group of market manipulation and fraud — allegations vehemently denied by the Adani Group. Shares of his flagship Adani Enterprises Ltd. continued to rise for an eighth consecutive day following an earnings report last week that revealed a 130% surge in profit. Presently, he ranks as the world's 12th wealthiest individual, trailing just behind his compatriot Mukesh Ambani, according to the Bloomberg Billionaires Index.
Despite Ambani's fortune reaching a record high earlier this month, Adani's wealth remains approximately $50 billion lower than its peak in 2022. Adani's fortune plummeted by over $80 billion in the month subsequent to the report, hitting a low of $37.7 billion. His conglomerate, which at one point suffered a market value loss exceeding $150 billion, dedicated months to winning back investors and lenders, settling debts, and addressing regulatory concerns.