Asia's Richest Man Created $13.3 Billion Of Wealth In 5 Days As Adani Shares Jump Up To 13% From Jan 1-5

Gautam Adani and his ten-listed stocks have been in the spotlight since the start of 2024. With all Adani shares rising, Gautam kept creating more wealth to his name which has enabled him to earn back the title of not only India's richest man but also of the whole of Asia. He has made the most money among the billionaires list year-to-date.

To be specific, Gautam has created a staggering $13.3 billion in wealth in 5 days as Adani shares jumped between 3% to 13% during the week, January 1st to 5th of the New Year.

In the trading week that ended on January 5th, on BSE, Adani Enterprises stock has gained by over 5.4%, Adani Power upped by 5.5%, while Adani Green Energy and Adani Energy Solutions zoomed by 5.2% each, and Adani Wilmar climbed by 5.90%. Meanwhile, Adani Ports is the biggest gainer with a 12.5% upside, followed by Adani Total Gas which jumped by over 10.2%.

Also, in the week, Adani's cement stocks Ambuja Cements gained by 3.33% and ACC share advanced by 6.8%. Media stock NDTV surged by 6.5%.

Notably, Adani Ports and Ambuja Cements have also touched new 52-week highs in the week.

Together, as of January 5th, Adani Group's market cap soared by nearly Rs 15.23 lakh crore, which also is closing the gap swiftly to reach the level of a pre-Hindenburg saga which was Rs 19.20 lakh crore. By the end of 2023, Adani Group's market cap was nearly Rs 14 lakh crore. Hence, since the start of 2024, despite the broader market being volatile, Adani shares have fairly seen more buying.

Currently, their market value has reached over 79.3% level of pre-Hindenburg.

Due to uptrend in Adani stocks, Gautam Adani gotter richer and richer. And in a matter of 5 days, he gained wealth up to $13.3 billion, as per the Bloomberg Billionaire Index.

As per the index, Gautam Adani has made the most money among other billionaires in their list. So far, in the current month, Gautam's net worth has risen by $13.3 billion, totalling $97.6 billion as of January 5, 2024.

Following this, Gautam has climbed the ladder of becoming the richest man in India and also in Asia, surpassing his competitor Mukesh Ambani whose net worth of $97 billion is not so far away from Adani. Ambani, who is the chief of India's largest company Reliance Industries in terms of market share, also saw an upside in his net worth significantly, but Adani made more money at a higher margin.

So far in 2024, Ambani's net worth has surged by $665 million. That being said, at present, Ambani is now at the 13th rank of the world's richest list, while Adani is at the 12th rank.

The Bloomberg Billionaires Index is a daily ranking of the world's richest people. The figures are updated at the close of every trading day in New York.

According to the Bloomberg index, the bulk of Adani's fortune is derived from stakes in six publicly traded companies that are part of the Adani Group, the Indian conglomerate he founded. The companies and the stakes include Adani Enterprises (73%); Adani Power (70%); Adani Total Gas (37%); Adani Energy Solutions (73%); Adani Ports (66%); and Adani Green Energy (56%). Each of the companies is publicly traded and based in Ahmedabad, India. The shares are held by a group of individuals and entities so-called promoter group that ultimately flow up to the Adani family's trust. They are credited to Gautam Adani to reflect his status as founder.

The port-to-power empire's chief enjoyed the title of the richest man in Asia, in India, and was even crowned as the third richest man in the world for a brief period before January 24, 2023, until the Hindenburg report that was released on the said day. The allegations of brazen stock manipulations by Hindenburg had orchestrated massive sell shocks in Adani shares, resulting in over 134 billion dollars of erosion, pushing Gautam Adani's net worth to even below $50 billion. Gautam lost its title of the third richest man in the world, sliding to near 25th rank.

However, 2024 comes with optimism in Adani stocks and that is likely to only take Gautam to new ranks in richlist.

The reason behind the latest surge in Adani stocks can be attributed to the verdict by the Supreme Court which in favour of the Group, refused to order a probe by the Special Investigation Team (SIT) into allegations of brazen stock manipulation and other frauds claimed by US short-seller Hindenburg in its first report dated January 24, 2023. Also, the apex court ruled that there were no valid grounds or doubts in the investigation by Sebi which will require amendments to FPI and LODR regulations.

Apart from this, Adani Ports which has seen the most upside was in focus as its board of directors were restructured and it plans to fundraise up to Rs 5,000 crore via NCDs. Adani Ports elevated CEO Karan Adani to the role of Managing Director, a position which was held by Gautam Adani, Chairman of the Adani Group. Gautam is re-designated as 'Executive Chairman' of APSEZ, one of the fastest-growing integrated transport utilities in the world. The company also roped in Ashwani Gupta, the former global Chief Operating Officer at Nissan Motors, as the new Chief Executive Officer.