#Gautam Adani

[mostlysignssomeportents]

The long bezzle

Going to Defcon this weekend? I’m giving a keynote, “An Audacious Plan to Halt the Internet’s Enshittification and Throw it Into Reverse,” on Saturday at 12:30pm, followed by a book signing at the No Starch Press booth at 2:30pm!

https://info.defcon.org/event/?id=50826

When it comes to the modern world of enshittified, terrible businesses, no addition to your vocabulary is more essential than "bezzle," JK Galbraith's term for "the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it"

https://pluralistic.net/2023/08/09/accounting-gimmicks/#unter

The bezzle is contained by two forces.

First, Stein's Law: "Anything that can't go on forever will eventually stop."

Second, Keynes's: "Markets can remain irrational longer than you can remain solvent."

On the one hand, extremely badly run businesses that strip all the value out of the firm, making things progressively worse for its suppliers, workers and customers will eventually fail (Stein's Law).

On the other hand, as the private equity sector has repeatedly demonstrated, there are all kinds of accounting tricks, subsidies and frauds that can animate a decaying, zombie firm long after its best-before date (Keynes's irrational markets):

https://pluralistic.net/2023/06/02/plunderers/#farben

One company that has done an admirable job of balancing on a knife edge between Stein and Keynes is Verizon, a monopoly telecoms firm that has proven that a business can remain large, its products relied upon by millions, its stock actively traded and its market cap buoyant, despite manifest, repeated incompetence and waste on an unimaginable scale.

This week, Verizon shut down Bluejeans, an also-ran videoconferencing service the company bought for $400 million in 2020 as a panic-buy to keep up with Zoom. As they lit that $400 mil on fire, Verizon praised its own vision, calling Bluejeans "an award-winning product that connects our customers around the world, but we have made this decision due to the changing market landscape":

https://9to5google.com/2023/08/08/verizon-bluejeans-shutting-down/

Writing for Techdirt, Karl Bode runs down a partial list of all the unbelievably terrible business decisions Verizon has made without losing investor confidence or going under, in a kind of tribute to Keynes's maxim:

https://www.techdirt.com/2023/08/10/verizon-fails-again-shutters-attempted-zoom-alternative-bluejeans-after-paying-400-million-for-it/

Remember Go90, the "dud" streaming service launched in 2015 and shuttered in 2018? You probably don't, and neither (apparently) do Verizon's shareholders, who lost $1.2 billion on this folly:

https://www.techdirt.com/2018/07/02/verizons-sad-attempt-to-woo-millennials-falls-flat-face/

Then there was Verizon's bid to rescue Redbox with a new joint-venture streaming service, Redbox Instant, launched 2012, killed in 2014, $450,000,000 later:

https://variety.com/2014/digital/news/verizon-redbox-to-pull-plug-on-video-streaming-service-1201321484/

Then there was Sugarstring, a tech "news" website where journalists were prohibited from saying nice things about Net Neutrality or surveillance – born 2014, died 2014:

https://www.theverge.com/2014/12/2/7324063/verizon-kills-off-sugarstring

An app store, started in 2010, killed in 2012:

https://www.theverge.com/2012/11/5/3605618/verizon-apps-store-closing-january-2013

Vcast, 2005-2012, yet another failed streaming service (pray that someday you find someone who loves you as much as Verizon's C-suite loves doomed streaming services):

https://venturebeat.com/media/verizon-vcast-shutting-down/

And the granddaddy of them all, Oath, Verizon's 2017, $4.8 billion acquisition of Yahoo/AOL, whose name refers to the fact that the company's mismanagement provoked involuntary, protracted swearing from all who witnessed the $4.6 billion write-down the company took a year later:

https://www.techdirt.com/2018/12/12/if-youre-surprised-verizons-aol-yahoo-face-plant-you-dont-know-verizon/

Verizon isn't just bad at being a phone company that does non-phone-company things – it's incredibly bad at being a phone company, too. As Bode points out, Verizon's only real competency is in capturing its regulators at the FCC:

https://www.techdirt.com/2017/05/02/new-verizon-video-blatantly-lies-about-whats-happening-to-net-neutrality/

And sucking up massive public subsidies from rubes in the state houses of New York:

https://www.techdirt.com/2017/03/14/new-york-city-sues-verizon-fiber-optic-bait-switch/

New Jersey:

https://www.techdirt.com/2014/04/25/verizon-knows-youre-sucker-takes-taxpayer-subsidies-broadband-doesnt-deliver-lobbies-to-drop-requirements/

and Pennsylvania:

https://www.techdirt.com/2017/06/15/verizon-gets-wrist-slap-years-neglecting-broadband-networks-new-jersey-pennsylvania/

Despite all this, and vast unfunded liabilities – like remediating the population-destroying lead in their cables – they remain solvent:

https://www.reuters.com/legal/government/verizon-sued-by-investors-over-lead-cables-environmental-statements-2023-08-02/

Verizon has remained irrational longer than any short seller could remain solvent.

Short-sellers – who bet against companies and get paid when their stock prices go down – get a bad rap: billionaire shorts were the villains of the Gamestop squeeze, accused of running negative PR campaigns against beloved businesses to drive them under and pay their bets off:

https://pluralistic.net/2021/01/30/meme-stocks/#stockstonks

But shorts can do the lord's work. Writing for Bloomberg, Kathy Burton tells the story of Nate Anderson, whose Hindenburg Research has cost some of the world's wealthiest people over $99 billion by publishing investigative reports on their balance-sheet shell-games just this year:

https://www.bloomberg.com/news/features/2023-08-06/how-much-did-hindenburg-make-from-shorting-adani-dorsey-icahn

Anderson started off trying to earn a living as a SEC whistleblower, identifying financial shenanigans and collecting the bounties on offer, but that didn't pan out. So he turned his forensic research skills to preparing mediagenic, viral reports on the scams underpinning the financial boasts of giant companies…after taking a short position in them.

This year, Anderson's targets have included Carl Icahn, whose company lost $17b in market cap after Anderson accused it of overvaluing its assets. He went after the world's fourth-richest man, Gautam Adani, accusing him of "accounting fraud and stock manipulation," wiping out 34% of his net worth. He took on Jack Dorsey, whose payment processor Square renamed itself Block and went all in on the cryptocurrency bezzle, lopping 16% off its share price.

Burton points out that Anderson's upside for these massive bloodletting was comparatively modest. A perfectly timed exit from the $17b Icahn report would have netted $56m. What's more, Anderson faces legal threats and worse – one short seller was attacked by a man wearing brass-knuckles, an attack attributed to her short activism.

Shorts are lauded as one of capitalism's self-correcting mechanisms, and Hindenberg certainly has taken some big, successful swings at some of the great bezzles of our time. But as Verizon shows, shorts alone can't discipline a market where profits and investor confidence are totally decoupled from competence or providing a decent product or service.

I’m kickstarting the audiobook for “The Internet Con: How To Seize the Means of Computation,” a Big Tech disassembly manual to disenshittify the web and bring back the old, good internet. It’s a DRM-free book, which means Audible won’t carry it, so this crowdfunder is essential. Back now to get the audio, Verso hardcover and ebook:

http://seizethemeansofcomputation.org

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/08/10/smartest-guys-in-the-room/#can-you-hear-me-now

#pluralistic #verizon #yahoo #tumblr #bluejeans #aol #vcast #redbox #go90 #short sellers #hindenberg research #block #icahn #carl icahn #jack dorsey #square #nate anderson #gautam adani #adani group #icahn enterprises

[indizombie]

Businesses close to Modi and his political circle have done especially well. The most prominent examples are Mukesh Ambani’s Reliance Industries and the Adani Group, conglomerates that reach into numerous areas of Indian life. Their combined market power has grown gigantic in recent years: The flagship stocks of each company are worth about six times more than they were when Modi became prime minister. Some smaller companies have been the target of high-profile raids by tax-enforcement agencies. "If you’re not the two A’s” — Adani or Ambani — it can be treacherous to navigate India’s regulatory byways, said Arvind Subramanian, an economist at Brown University who served under Modi’s government as chief economic adviser from 2014 to 2018. "Domestic investors feel a little bit vulnerable,” he added.

Alex Travelli, ‘India is chasing China’s economy. Something is holding it back’, Japan Times

#Japan Times #Alex Travelli #India #Narendra Modi #Mukesh Ambani #Reliance Industries #Adani Group #Arvind Subramanian #Gautam Adani

[tgotmnews]

#tgotmnews #news #india #gautam adani #hindenburg

[shut-up-rabert]

Bhai logoooooo

Ye kya ho gaya 😂😂

#Itna sara mazza mujhe life m pehle kabhi nhi aaya #Ye bjp waale bhi na #Har hafte kuch na kuch aisa krte hi rehte h #Jisse entertainment rhe #desiblr #gautam adani #ravish kumar #rubbish kumar #NDTV #Narendra Damodardas TV #Lmaooo

[topstoriesworldblogger]

#gautam adani #birthday #adanigroup

[casseroleboy]

If we unalived the ten richest men and distributed their money to everyone in the world, we’d each get about $145 which I think would be a nice treat

#treatyourself #eat the rich #elon musk #jeff bezos #bernard arnault #gautam adani #bill gates #warren buffett #larry ellison #larry page #mukesh ambani #sergey brin

[4rtheyenews]

गौतम अडानी एनडीटीवी के होंगे मेजर स्टेकहोल्डर, 495 करोड़ रुपये का लगाया दांव

गौतम अडानी एनडीटीवी के होंगे मेजर स्टेकहोल्डर, 495 करोड़ रुपये का लगाया दांव

एशिया के सबसे अमीर आदमी गौतम अडानी एक बार फिर चर्चा में आ गए हैं। दरअसल, गौतम अडानी समूह की कंपनी एएमजी मीडिया नेटवर्क लिमिटेड ने मीडिया हाउस एनडीटीवी में हिस्सेदारी खरीदने का ऐलान किया है। जानकारी के अनुसार अडानी ग्रुप एनडीटीवी यानी नई दिल्ली टेलीविजन लिमिटेड में 29.18प्रतिशत हिस्सेदारी का अधिग्रहण करेगी। वहीं, खुली पेशकश के जरिए एनडीटीवी में 26प्रतिशत हिस्सेदारी का अधिग्रहण करेगी। जिसके बाद…

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#be #Gautam Adani #will

[vrlivechannel]

Gautam Adani : અંબાણીને પછાડી અદાણી બન્યા એશિયાના સૌથી ધનિક વ્યક્તિ, વિશ્વમાં 11માં નંબરે પહોંચ્યા અદાણી 

Gautam Adani : ભારત અને એશિયામાં સૌથી અમીર બીઝનેસમેનના નામમાં બદલાવ આવ્યો છે, ભારતના અને એશિયાના સૌથી અમીર વ્યક્તિમાં ગૌતમ અદાણી પહેલા નંબરે પહોંચી ગયા છે, ગૌતમ અદાણીએ મુકેશ અંબાણીને પાછળ છોડી એશિયાના સૌથી વધુ ધનિક લોકોની યાદીમાં પહેલા નંબરે આવી ગયા છે, એટલું જ નહિ ગૌતમ અદાણી વિશ્વના સૌથી અમીર વ્યક્તિઓની લીસ્ટમાં જંપ લગાવી 11માં નંબરે પહોંચી ગયા છે. bloomberg billionaires index Gautam Adani : …

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#gujarat #india #Adani became Asia&039;s richest person #Adani reached number #Asia #beating Ambani #bjp #GAUTAM ADANI #INDIA #richest businessman in India #richest people in India and Asia #अडानी बने एशिया के सबसे अमीर व्यक्ति #अंबानी को पछाड़कर अडानी पहुंचे नंबर 3 पर #एशिया के सबसे अमीर कारोबारी गौतम अडानी #गुजरात #गौतम अडानी #भारत #भारत और एशिया के सबसे अमीर लोग #અદાણી એશિયાના સૌથી અમીર વ્યક્તિ બન્યા #અદાણી નંબર પર પહોંચ્યા #અંબાણીને પછાડી #એશિયા #ગુજરાત #ગૌતમ અદાણી #ભારત અને એશિયાના સૌથી ધનિક વ્યક્તિઓ #ભારતના સૌથી ધનિક બિઝનેસમેન

[swamyworld]

How much Congress take from Adani-Ambani PM Modi asked Rahul Gandhi - India Hindi News

read on app Prime Minister Narendra Modi was addressing an election rally in Karimnagar, Telangana this morning. During this, he asked sharp questions to the Congress Party and Rahul Gandhi. He has raised questions on refraining from taking the names of businessmen Mukesh Ambani and Gautam Adani during the entire election campaign. He challenged him and asked the prince to tell how much money he…

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#modi #AdaniAmbani #asked #congress #Gandhi #Gautam Adani #Hindi #Hindustan #india #Lok Sabha Elections #Lok Sabha elections( t)Hindi News #Mukesh Ambani #Narendra Modi #News #News in Hindi #Rahul

[swadesh-hindi]

#hindi news #india #trending #viralpost #news #gautam adani #adani group #adaniconnex #edgeconnex #data center #environment #sustainability #swadeshhindi

[harshpanda4658]

Gautam Adani A Visionary Entrepreneur And Founder Of Adani Group - Nishant Verma

Gautam Adani, a visionary entrepreneur and the Founder and Chairman of the Adani Group stands as a significant figure in the global business arena. Born on June 24, 1962, in Ahmedabad, India, Adani’s journey from humble beginnings to the helm of a conglomerate is a testament to his entrepreneurial spirit and leadership prowess.

His influence extends across diverse sectors, including infrastructure, energy, logistics, and power. His strategic vision and commitment to India’s economic development have positioned the Adani Group as a key player in shaping the nation’s growth story.

visit us - Nishant Verma

#business mentor #entrepreneur #mentorship #business #motivationalspeaker #mentor #growwithnishantverma #start up #nishantverma #gautam adani

[indizombie]

Adani Group has grown remarkably during Modi’s time in power. Adani himself has been a cheerleader for the politician since 2002, when deadly riots undermined business confidence in the state of Gujarat—where Modi served as chief minister between 2001 and 2014. The state is known for its enterprise, but in the wake of communal violence, investors began to turn away. Adani came to Modi’s rescue, bringing Gujarati business leaders together to invest in the state’s resilience. Modi doesn’t forget those who criticize him, but he also remembers those who stand by him. While Modi was chief minister, Adani invested in several plum projects in the state, including India’s largest private port in Mundra, Gujarat. By early 2019, Adani controlled one-quarter of India’s port capacity and had won the rights to manage six government-owned airports; he later added a 74 percent share in Chhatrapati Shivaji Maharaj International Airport, India’s second-busiest.

Salil Tripathi, ‘Gautam Adani and the New Indian Capitalism’, Foreign Policy

#Foreign Policy #Salil Tripathi #India #Adani Group #Narendra Modi #BJP #Gujarat #Mundra Port #Chhatrapati Shivaji Maharaj International Airport #Gautam Adani

[vvstockzone]

A huge investment of Rs 1.5 lakh crore has been announced by Adani Green Energy Ltd. in a bold attempt to support India’s renewable energy infrastructure. With this investment, the Khavda renewable energy project site in Kutch, Gujarat, is expected to increase its capacity to an astounding 30 gigawatts (GW) in the next five years. Managing Director Vneet Jaain recently visited the site and disclosed this ambitious project, which represents a critical turning point in India’s renewable energy landscape.

#adani #adani group #gautam adani #adani green #business news #industry news #latest news #trending news

[rightnewshindi]

अडानी ग्रुप के चेयरमैन गौतम अडानी को नेटवर्थ में आई भारी गिरावट, एक दिन में डूबे करोड़ों रुपए

अडानी ग्रुप के चेयरमैन गौतम अडानी को नेटवर्थ में आई भारी गिरावट, एक दिन में डूबे करोड़ों रुपए

Delhi News: भारत की दूसरी सबसे अमीर व्यक्ति गौतम अडानी की नेटवर्क में मंगलवार को बड़ी गिरावट देखने को मिली है। ब्लूमबर्ग बिलियनेयर्स इंडेक्स के मुताबिक अडानी ग्रुप के चेयरमैन गौतम अडानी की नेटवर्थ में मंगलवार को भारी गिरावट हुई है। अडानी ग्रुप के चेयरमैन की नेटवर्थ मंगलवार को 2.04 अरब डॉलर नीचे गिर गई है। अडानी ग्रुप के लिए ये बड़ा झटका है। बता दें कि डॉलर की इस राशि को रुपये में बदलने पर 16,900…

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#Adani Group #Chairman #Gautam Adani #net worth

[freepressjournals]

U.S. Investigates Adani Group and Founder for Potential Bribery

In a recent development, the United States has expanded its investigation into India’s Adani Group, focusing on the actions of its founder, Gautam Adani, amid suspicions of bribery. According to a report by Bloomberg News, prosecutors are delving into whether Adani entities or individuals associated with the company, including Gautam Adani himself, engaged in payments to officials in India to secure favorable treatment for an energy project.

The investigation, led by the US Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, has also cast its net over Indian renewable energy firm Azure Power Global.

While Adani Group has refuted any knowledge of an investigation against its chairman, the probe continues to unfold. Responses from Adani Group, Azure Power, and the Department of Justice are eagerly awaited.

This scrutiny comes in the wake of a turbulent period for Adani Group, marked by a significant selloff of its stocks and bonds following allegations of improper governance practices and stock manipulation by US short-seller Hindenburg Research. Adani Group vehemently denies these accusations, asserting its commitment to ethical business practices.

As the investigation progresses, the outcome remains uncertain, underscoring the importance of transparency and integrity in corporate conduct. Stay tuned for further updates on this unfolding story.

#Adani Group #Gautam Adani #Bribery Investigation #Justice Department #Indian Energy Project

[akkbvm]

#india #narendramodi #nirmalasitharaman #amit shah #gautam adani