Gautam Adani has rejoined the $100 billion select club after nearly a year. Adani's net worth reached a record-breaking $100.7 billion on Wednesday, up $2.7 billion from the Hindenburg disaster.
Adani Enterprises Ltd., his flagship company, saw its shares jump for an eighth day last week after the company's financial report revealed a 130% increase in profit. Based on the Bloomberg Billionaires Index, he sits just one place behind Mukesh Ambani as the 12th richest person in the world. Adani's fortune is still almost $50 billion below its 2022 top, despite Ambani's having reached a new high earlier this month.
In the month that followed the report, Adani's fortune fell by over $80 billion, to a low of $37.7 billion. His company, which at one point saw its market value drop by over $150 billion, had to spend months courting back lenders and investors, paying off debt, and allaying regulatory fears.
Last year, the Qatar Investment Authority committed over $500 million, TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy Ltd., the conglomerate's green arm, and Rajiv Jain's GQG Partners LLC put about $4 billion into Adani Group enterprises. Adani Green is in talks to raise roughly $500 million via dollar bonds in its first international offering since the Hindenburg report, according to people involved with the discussions earlier this week.
Adani Enterprises' shares increased in January after the Supreme Court of India ruled that no further investigations were necessary and directed the local markets regulator to complete an investigation into the business within three months.
Adani, who lost more money than anyone in 2023, has recovered $16.4 billion this year, making it one of the wealthiest super-rich individuals Bloomberg tracks to make the most gains.
