After a rollercoaster ride in the wealth rankings last year, Gautam Adani is Asia's richest person again, days after the Supreme Court said there was no need for a new probe into Hindenburg Research's allegations against the tycoon's conglomerate.
Adani's net worth rose by $7.7 billion in one day to $97.6 billion, taking over the top spot in the region from fellow Indian Mukesh Ambani, according to the Bloomberg Billionaires Index. Mr. Ambani, chairman of Reliance Industries Ltd., trailed by a narrow margin with a net worth of $97 billion, the index showed.
The comeback of the first generation of entrepreneurs, who started out as diamond traders in the 1980s, caps an eventful year for Adani's port-to-power conglomerate. Despite denying Hindenburg's allegations of corporate fraud, the Adani Group lost more than $150 billion in market value at one point last year and spent months trying to win back investors and lenders, repay debts and allay concerns about the regulations.
Shares of Adani Group rallied after the Supreme Court this week ordered the local markets regulator to complete its investigation into the conglomerate within three months and said no more probe was needed, effectively drawing a line below the long-standing short seller saga.
The court stay resulted in a $13.3 billion capital gain for Mr Adani – the world's largest this year – after he recorded one of the world's largest capital losses in 2023.
Mr. Adani, whose conglomerate has invested $100 billion in the green transition of its businesses over the next decade, is also rapidly diversifying his empire beyond its roots in coal trading into data centers, artificial intelligence, urban development, airports and media.