Gautam Adani, Chairperson of the Adani Group, has become India's wealthiest individual, overtaking Reliance Industries’ chairman Mukesh Ambani, as reported by the Bloomberg Billionaires Index. Adani's net worth surged by $13.3 billion, reaching $97.6 billion, with an impressive single-day gain of $7.67 billion on Thursday, surpassing Ambani’s net worth of $97.2 billion.
A pivotal moment came on January 3, 2024, when a Supreme Court ruling in the Adani-Hindenburg case contributed significantly to Adani’s wealth. Despite a dip in the domestic market, Adani Group shares mostly rose on Tuesday, with Adani’s net worth climbing by $1.63 billion to $85.9 billion that day. According to the Bloomberg Billionaires Index, Adani earned more than any other billionaire on Tuesday, outpacing even Elon Musk.
The Supreme Court ruled against granting investigative rights to SEBI in the Adani-Hindenburg matter and decided not to transfer the investigation to the Securities Appellate Tribunal (SAT). The court found SEBI’s investigation satisfactory, noting no irregularities in 22 of the 24 cases reviewed. SEBI was allowed three more months to investigate the remaining two cases. Following this ruling, the market capitalization of Adani Group’s listed companies soared, increasing Gautam Adani’s net worth by $3.6 billion in a single day.
In comparison, Elon Musk, the wealthiest person on the Forbes Billionaires List with a net worth of $244.1 billion, saw a $7.1 billion drop, marking a 2.84% decline. Although Musk continues to lead globally, Adani's substantial single-day gains have established him as a significant global contender, impacting the rankings among the world’s richest.
