Gautam Adani targeted for backing US President-elect Trump, claim netizens

Group stocks faced a sharp decline, with Adani Enterprises and Adani Energy dropping 20 percent each.

Netizens are speculating that Gautam Adani, founder of the Adani Group, is being targeted due to his alleged support for US President-elect Donald Trump.

The online discussions gained momentum after the businessman was charged by US prosecutors in connection with a USD 250 million bribery scheme involving solar energy contracts.

Netizens react

Social media users have been vocal about their opinions, suggesting a political vendetta behind the allegations.One netizen wrote, “Political vendetta against Adani for supporting Trump!”Another commented, “Adani endorsed Trump and now they’re taking him down. Deep state is real.”Following are some other reactions by netizens

Did Gautam Adani support US President-elect Trump?

While it is unclear whether the businessman officially supported Trump during the US elections, his congratulatory tweets for the 47th US President-elect have sparked debate. In one tweet, he praised Trump’s “unshakeable grit” and “relentless determination.” He also emphasized his group’s commitment to investing USD 10 billion in US energy infrastructure, which could create up to 15,000 jobs.

Bribery allegations and market impact

US prosecutors charged Gautam Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.

This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.

Following the allegations, the group stocks faced a sharp decline, with Adani Enterprises and Adani Energy dropping 20 percent each. Other group companies, including Adani Green Energy and Adani Total Gas, also suffered significant losses.

Despite the lack of concrete evidence linking charges against the businessman to his congratulatory stance toward Donald Trump, netizens continue to draw connections. The allegations have not only impacted the businessman’s reputation but also shaken investor confidence in the group.