Top 5 corporate shakeups that defined 2024 | Company Business News

Year-ender 2024: Top five corporate shakeups that defined the year — from Noel Tata taking over the Tata conglomerate after Ratan Tata’s demise, to Nvidia scaling new heights, the US TikTok ban, OpenAI’s push towards for-profit and Gautam Adani and his companies’ being indicted by the United States DoJ for bribery and other charges. We take a look:

Noel Tata named new Tata Trusts chairman

Noel Tata was in October named the chairman of Tata Trusts, the charitable division of the Tata Group. The son of Naval H. Tata and Simone N. Tata, he took over from his half-brother, Ratan Tata, who passed away at 86. Noel Tata is currently a trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which collectively own a substantial 66 per cent stake in Tata Sons, the holding company of the diversified Tata Group.

Ratan Tata, chairman emeritus of India’s biggest conglomerate, Tata Group, breathed his last on October 9, after being in critical condition at the intensive care unit (ICU) at a Mumbai hospital. 

During the 21 years Ratan Tata led the Tata Group, revenues grew over 40 times, and profits over 50 times. In 2008, he received the Padma Vibhushan, the second-highest civilian honour in India, after receiving the Padma Bhushan, the third-highest civilian honour in 2000. Tata is also one of the largest philanthropists in the world, having donated around 60–65 per cent of his income to charity.

Nvidia replaces Intel in the Dow Jones Industrial Average

Artificial intelligence (AI) chipmaker Nvidia Corp is now part of Wall Street’s oldest three main equity benchmark indices, displacing no less than Silicon Valley giant Intel. Nvidia, which is “at heart of the artificial intelligence boom”, replaced rival Intel Corp. in the 128-year-old Dow Jones Industrial Average from November 8.

This addition to the blue-chip index is a testament to the power of the AI-driven rally that’s pushed the chipmaker up 900 per cent over the past two years, it added. The Dow Jones Industrial Average was the only major US equity benchmark that didn’t hold Nvidia — until now.

Further, as a testimony to the AI and Nvidia push, CEO Jensen Huang added $76 billion to his net worth since the beginning of 2024, bringing his total net worth to $117 billion. He is the third largest gainer this year, behind only Elon Musk and Mark Zuckerberg. Notably, Huang’s net worth soared more than Jeff Bezos, the second richest person in the world, who has added nearly $70 billion to his net worth.

Donald Trump appeals to US Supreme Court over TikTok ban

United States President-elect Donald Trump has entered the contentious legal battle over TikTok’s future, urging the Supreme Court to pause a law to ban the social media platform if its Chinese parent company does not sell it, Bloomberg reported.

In his filing, Trump asked the court for time following his January 20 inauguration to “seek a negotiated resolution” to the conflict. While he refrained from taking a definitive position on the constitutionality of the law, which is scheduled to take effect on January 19, he acknowledged it raised “sweeping and troubling” free speech concerns.

The Supreme Court has taken up the case on an expedited timeline, scheduling arguments for January 10, just over a week before the law is set to take effect. The case presents a clash between First Amendment rights and national security interests.

OpenAI in Talks With California to Become For-Profit Company

Earlier this year, OpenAI said it is advancing its bid to transform the non-profit structure of the $157 billion company into a for-profit business by having preliminary discussions with regulators.

The company is in early talks with the California attorney general’s office over the process to change its corporate structure, according to two people familiar with the matter. The process is likely to involve regulators scrutinizing how OpenAI values a portfolio of highly lucrative intellectual property, such as its ChatGPT app.

Gautam Adani breaks silence on bribery charges in US

Adani Group Chairman Gautam Adani on November 30, responded to the alleged bribery and fraud allegations against the conglomerate, saying that the legal matter involving the US Department of Justice is a challenge which the Group has faced “not for the first time”.

“As most of you would have read, less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” said Adani said at the 51st Gem and Jewellery Awards in Rajasthan’s Jaipur.

On November 20, US prosecutors alleged that $250 million in bribes were paid to Indian officials to get favourable terms on solar power contracts won by Adani Green Energy and Azure Power Global, a New Delhi-headquartered firm. However, the Adani Group has dismissed the charges as “baseless”.

(With inputs from Agencies)