Gautam Adani's fortune rises to $100bn again

Business

Gautam Adani, founder of conglomerate Adani Group, is once again among the world's richest people, ranking 12th with a fortune of $100.7bn.

Gautam Adani's fortune rises to $100bn again
In early 2023, his fortune plummeted to $37.7bn after Hindenburg Research published an investigation.

A report by Hindenburg Research published on 24 January 2023 alleged that the Adani Group was involved in stock manipulation and fraud. This resulted in a $150 billion loss in market capitalisation of the group's companies and a decline in Gautam Adani's fortune of more than $80 billion.

However, in the year since the incident, Adani Group has been able to recover by paying off debts, resolving regulatory claims and regaining investor confidence. Attracting investment from Qatar Investment Authority and TotalEnergies, the company has seen its shares rise steadily after posting positive financial results.

In January, India's Supreme Court called for the completion of probes and investigations into the Adani Group, saying no further investigations were required. Gautam Adani's personal fortune has increased by $16.4bn since the beginning of this year.

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