Gautam Adani is back in the $100 billion club after Hindenburg bombshell

After almost a year, Gautam Adani is back in the $100 billion elite club. On Wednesday, Adani’s net worth climbed $2.7 billion to $100.7 billion, the highest since the Hindenburg bombshell.

Shares of his flagship Adani Enterprises Ltd. rose for an eighth day following an earnings report last week that showed a 130% surge in profit. He’s now the 12th-richest person in the world, just one spot behind, Mukesh Ambani, according to the Bloomberg Billionaires Index. 

While Ambani’s fortune hit a record high earlier this month, Adani’s is still about $50 billion below its 2022 peak.

Adani’s wealth slumped by more than $80 billion in the month following the report, reaching a low of $37.7 billion. His conglomerate, which at one point lost more than $150 billion in market value, spent months wooing back investors and lenders, repaying debt and assuaging regulatory concerns. 

Rajiv Jain’s GQG Partners LLC poured about $4 billion into Adani Group companies last year, while the Qatar Investment Authority invested almost $500 million and TotalEnergies SE bet $300 million on a joint venture with Adani Green Energy Ltd., the conglomerate’s green arm. Earlier this week, people familiar with the discussions said Adani Green is in talks to raise about $500 million via dollar bonds in its first overseas issuance since the Hindenburg report.

In January, the Supreme Court of India ordered the local markets regulator to conclude an investigation into the group within three months and said no more probes were needed, helping boost shares of Adani Enterprises. 

After losing more wealth than anyone in 2023, Adani has regained $16.4 billion this year for one of the biggest advances among the super-rich tracked by Bloomberg.