The 5 major business changes that will define 2024

End of 2024: Five corporate shakeups that defined the year – from Noel Tata taking over the Tata Group after Ratan Tata’s death, to Nvidia scaling new heights, US TikTok ban, OpenAI’s push for for-profit development, and Gautam Adani and his company being sued by the U.S. Department of Justice on bribery and other charges. Let’s take a look:

Noel Tata appointed new chairman of Tata Trusts

Noel Tata was appointed chairman of Tata Trusts, the philanthropic arm of the Tata Group, in October. The son of Naval H. Tata and Simone N. Tata, he succeeded his half-brother Ratan Tata, who has died at the age of 86. Ratan Tata). Tata Sons is the holding company of the diversified Tata Group with a 66% stake.

Ratan Tata, honorary chairman of India’s largest conglomerate Tata Group, died on October 9 while in critical condition in the intensive care unit (ICU) of a Mumbai hospital.

During the 21 years that Ratan Tata led the Tata Group, revenue increased by more than 40 times and profits by more than 50 times. He was awarded the Padma Shri, India’s second highest civilian honour, in 2008, after being awarded the Padma Shri, India’s third highest civilian honour, in 2000. Tata is also one of the world’s largest philanthropists, having donated around 60% of his income to charity.

Nvidia replaces Intel in Dow Jones Industrial Average

Artificial intelligence (AI) chipmaker Nvidia Corp is now part of Wall Street’s three oldest stock benchmark indexes, replacing Silicon Valley giant Intel. Nvidia is “at the heart of the artificial intelligence boom,” displacing rival Intel Corp on the 128-year-old Dow Jones Industrial Average as of November 8.

It added that the increase in the blue-chip index is testament to the power of the artificial intelligence-driven rally that has propelled the chipmaker up 900% over the past two years. To date, the Dow Jones Industrial Average is the only major U.S. stock benchmark that does not include Nvidia shares.

Additionally, as testimony to the push towards artificial intelligence and Nvidia, CEO Jensen Huang has increased his net worth by $76 billion since the start of 2024, bringing his total net worth to $117 billion. He is the third-biggest gainer this year, behind Elon Musk and Mark Zuckerberg. It is worth noting that Huang’s net worth has increased more than that of the world’s second richest man, Jeff Bezos, whose net worth has increased by nearly $70 billion.

Donald Trump appeals TikTok ban to US Supreme Court

U.S. President-elect Donald Trump has launched a contentious legal battle over the future of TikTok, urging the Supreme Court to halt a ban on the social media platform if its Chinese parent does not sell it, Bloomberg reported. The Law of Social Media Platforms.

In the filing, Trump asked the court to give him time after taking office on January 20 to “pursue a negotiated resolution” to the conflict. While he did not take a clear position on the constitutionality of the law, which is set to take effect on January 19, he acknowledged that it raises “sweeping and troubling” free speech concerns.

The Supreme Court has expedited the case and scheduled arguments for January 10, more than a week before the law takes effect. The case exemplifies the conflict between First Amendment rights and national security interests.

OpenAI is in talks with California to become a for-profit company

Earlier this year, OpenAI said it was moving forward with plans to transform the $157 billion company’s nonprofit structure into a for-profit business through preliminary discussions with regulators.

The company is in preliminary talks with the California Attorney General’s Office about the process of changing the company’s structure, according to two people familiar with the matter. That process could involve regulators scrutinizing how OpenAI evaluates its lucrative portfolio of intellectual property, such as its ChatGPT application.

Gautam Adani breaks silence on bribery allegations in US

Adani Group Chairman Gautam Adani responded to the allegations of bribery and fraud against the group on November 30, saying that legal issues involving the US Department of Justice are “not the first” challenges the group has faced.

“As most of you have read, less than two weeks ago we faced a series of US allegations against Adani Green Energy compliance practices. This is not the first time we have faced challenges like this. I can tell you The truth is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” said Adani at the 51st Gem and Jewelery Awards in Jaipur, Rajasthan said during the ceremony.

On November 20, U.S. prosecutors accused Adani Green Energy and New Delhi-based Azure Power Global of paying $250 million in bribes to Indian officials to obtain preferential terms for solar power contracts. However, Adani Group dismissed the allegations as “baseless”.

(Based on input from each agency)