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Gautam Adani, the founder of Adani Group, is doing great financially, a year after his net worth melted following Hindenburg allegations.
He has added over $18 billion to his net worth, bringing the total amount to over $103 billion. This makes him the 13th richest person in the world and the second one in India after Mukesh Ambani.
His has grown so much thanks to the performance of his companies. Adani Enterprises share price has surged to INR 3,200, 101% above the lowest level in 2023. Other parts of his conglomerate like Adani Power, Ports, Green Energy, and Total Gas have also surged, as shown below.
Gautam Adani’s net worth has soared, a year after the company came on the verge after a major investigation by Hindenburg Research. The Wall Street short-seller alleged that the company was manipulating its stock using offshore funds.
Adani furiously denied the allegations and threatened to sue Hindenburg. In the months since these allegations emerged, the company worked to improve its balance sheet and reduce its acquisition trends.
This year, the company received a reprieve from India’s high court, which ordered investigators to wrap up the investigations. As such, most investors believe that the company will not come under substantial legal scrutiny because of these allegations.
Adani has also won the backing of key investors and backers, which has helped its stocks continue their recovery. In 2023, Abu Dhabi International Holdings announced that it had invested $400 million in Adani Enterprsies.
And most recently, the company received $409 million from investors in its first dollar bond. This is a sign that investors are getting confident in the company. Adani Green Power is planning a $2 billion bond sale while Adani Energy Solutions is planning a $400 million bond sale.
Therefore, there is a likelihood that Gautam Adani’s net worth will continue rising this year. These gains will likely continue if India’s election goes well and if the Reserve Bank of India starts to cut interest rates.
Still, Adani has a long way to go to get to his peak net worth. Its wealth peaked at $147 billion in 2022, making him the third-richest person in the world after Elon Musk and Bernard Arnault.
The post Gautam Adani net worth is surging as his share prices soar appeared first on Invezz
