Gautam Adani, according to the Bloomberg Billionaires Index, is now Asia’s wealthiest person. A year ago, Adani Group – the organization created by Adani – had big problems. A report from US investment research company Hindenburg Research claimed a lot of business fraud, causing more than $150 billion to be lost in its stock value. Adani’s money also went down by about $80 billion, making him the second richest person in the world at that time. Elon Musk was just ahead of him.
The latest Bloomberg Billionaires Index shows that Adani’s wealth grew by about $7.7 billion this week, which is now at $97.6 billion. This increase helped him to go beyond Mukesh Ambani, another big businessman in India. This made them the 12th and 13th wealthiest people on Earth. Adani’s money went up after India’s top court threw out a request to make the investigation bigger about the accusations made by Hindenburg Research. The court thought that the current regulatory investigations were enough.
Adani expressed gratitude on social media platform X (formerly Twitter), stating, “The honourable supreme court’s judgement shows that: Truth has prevailed. I thank the ones who supported us. We will keep giving to India’s growth story in a simple way.
Hindenburg Research, a group that makes money when stocks fall, said Adani Group did bad business things. But Adani strongly said they didn’t do these wrong things. He said the report was an “intentional effort” to ruin his big company’s reputation for the gain of people who sell stocks before they fall.
Before the scandal, Adani Group’s stock prices went up a lot. In five years before January 2023, they increased more than 1,000% in value. The big group with connections to coal mines, clean energy, transport places like ports and airports keeps growing fast. Some people say that Adani’s friendship with Prime Minister Narendra Modi, both from Gujarat state, has given unfair support in business and control. Even with difficulties, Adani is a big part of India’s business world. He shows he wants to help the country grow more.
