Billionaire Gautam Adani has reclaimed the title of Asia’s richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. Additionally, Adani, who now holds the 11th spot on the index, boasts a net worth of $111 billion, edging out Ambani’s $109 billion.
Furthermore, globally, Bernard Arnault remains the wealthiest individual with a net worth of $207 billion, followed by Elon Musk at $203 billion and Jeff Bezos at $199 billion, as per the Bloomberg index.
Adani’s resurgence is largely driven by a surge in the stocks of Adani Group companies. On Friday, shares of all Adani Group firms soared after a Jefferies report highlighted the group’s ambitious plans, which include $90 billion in capital expenditures over the next decade. This investor confidence led to a remarkable increase of ₹1.23 lakh crore in market value for Adani Group stocks, boosting their total market capitalization to ₹17.94 lakh crore during intraday trading. By the end of the session, the market cap had settled at ₹17.51 lakh crore, reflecting an addition of ₹84,064 crore in value.
The Adani Group faced significant challenges in 2023, including a Supreme Court order to investigate allegations from the Hindenburg report. This scrutiny led to a substantial sell-off in Adani Group shares, causing Gautam Adani to drop from his previous position as the world’s third-richest person.
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