Asia¡¯s richest person Gautam Adani has fallen to the fourth position in the world after he saw his fortune decline by $872 million?(Rs 7118 Crore)?in a single day yesterday.
Billionaire Adani has already lost over $1 Billion in net worth this year to date. This comes amid many of Adani group's companies bleeding in the stock market. Adani Wilmar's shares are down 8% this year, to date, Adani Enterprises and Adani Ports are both down nearly 13%, whereas Adani Power is down nearly 12% this year to date.
Adani Group's stocks have been down after well-known US activist investor Hindenburg Research LLC said it was shorting the empire¡¯s stocks and accused firms owned by Asia¡¯s richest man of ¡°brazen¡± market manipulation and accounting fraud. The research?accuses Adani of pulling the largest con in corporate history.
On the Bloomberg Billionaires Index, Adani has been overtaken by Amazon founder Jeff Bezos in third position. Jeff Bezos is now the third wealthiest person in the world, while the top two richest people are Bernard Arnault of Louis Vuitton (rank 1) and Elon Musk (rank 2) who is the CEO of Tesla, SpaceX, and Twitter.
The net worth of Gautam Adani, who is the Chairman of the Indian conglomerate Adani Group, stands at $119 billion currently. In comparison, Jeff Bezos's net worth rose to $120 billion, as of 25 January 2023 (at the time of writing this report).?
Gautam Adani saw his net worth decline by $872 million in the last 24 hours yesterday, as per the Bloomberg data mentioned in a Mint report.?
World¡¯s richest person Bernard Arnault has a net worth of $190 billion. He replaced Tesla CEO Elon Musk in December last year and continues to be the world's No. 1 on the rich list.
The Bloomberg Billionaires Index prepares the daily rankings of the 500 wealthiest people. The figures are updated at the close of every trading day in New York.
Also Read:?Forbes' 2022 List Of India's 100 Richest: Gautam Adani Dethrones Mukesh Ambani, Tops List
Adani, whose business empire extends from infrastructure to airports management and FMCG to cements, remains a strong contender to reclaim the 3rd spot.
In 2022, the year that saw most of?the world's richest lose trillions of dollars in wealth, Adani was amongst the exceptions. Adani's net worth jumped $55.1 billion in 2022 as his Adani Group skyrocketed in value.?
?In September last year, Adani's wealth surged to over $155 billion, as per a?TOI report, thus making him the second richest person in the global billionaires ranking and the first Indian (and Asian) to break into the top 3 list.
In a little over two and half years, Gautam Adani's wealth has jumped over 13 times. In January 2020 just before the onset of the Covid pandemic, his net worth was about $10 billion.?
In 1988, Adani set up Adani Enterprises (then Adani Exports) to start a commodities trading business. Soon he set up Mundra port for captive export-import operations. Within a decade it also emerged as the biggest coal trading company in the country and one of India's largest foreign exchange earners, as per the TOI report.
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