, Columnist
Why India’s Billionaires Banded Together for Adani
With their compatriot in the crosshairs of an American short seller, the nation’s uber-rich came to the last-minute defense of a fellow tycoon.
An elite club.
Photographer: Kobi Wolf/BloombergThis article is for subscribers only.
The world’s biggest democracy now has a brotherhood of billionaires. One of them gets into trouble, the others rally to save him.
That’s one explanation for how Indian tycoon Gautam Adani’s $2.5 billion share sale scraped through. No doubt the heavy lifting was done by a $400 million check from Abu Dhabi. But that was along expected lines — the Middle East royals have backed Adani in the past, too. The bigger surprise is how the other uber-rich came to the last-minute defense of their compatriot in the crosshairs of an American short seller.