In a dramatic turn of events, Gautam Adani has reclaimed his spot as Asia’s richest person after a turbulent year of extreme wealth fluctuations.
The Indian billionaire first claimed the title in early 2022, but his crown began slipping in January 2023 when short-seller Hindenburg Research accused his conglomerate Adani Group of fraud. The damning report triggered a stock rout that wiped out over $150 billion from Adani’s net worth. From a peak of $120 billion, his wealth plummeted to a low of $59 billion.
Just as abruptly, his fortunes have now reversed. Buoyed by a favorable Supreme Court verdict this week that brought the Hindenburg saga closer to resolution, shares of Adani companies came roaring back. The stock surge added $13.3 billion to Adani’s net worth overnight, pushing him past long-time Indian richest man Mukesh Ambani.
As of January 5th, 2024, Adani’s net worth stood at $97.6 billion, edging out Ambani’s $97 billion. The gap may widen further if the momentum continues. Adani also became the biggest gainer among all billionaires worldwide in 2023. From $59 billion in January, he has added over $38 billion in just 12 months.
The Supreme Court ruling provided immense relief for the embattled tycoon. The apex court ordered market regulator SEBI to conclude its investigation into Adani in three months and unequivocally stated no additional probes were needed. This effectively stemmed the year-long onslaught of short-seller allegations that had sunk shares of Adani’s ports-to-power conglomerate.
After the dramatic wealth erosion and restoration, Gautam Adani has now completed a staggering financial round trip to regain his Asia’s richest crown. It remains to be seen whether he can hold on to the top spot amidst still swirling controversies even as his backers toast his meteoric comeback.
