The richest Indian and Asian in the world, billionaire Gautam Adani, has seen his fortune decrease, which has caused him to fall out of the top 10 richest people in the world according to the Bloomberg Billionaires Index.
Adani Group lost more than Rs 5,29,865 crore in the last seven days following the publication of Hindenburg Research’s investigative report accusing Adani of brazen fraud and stock manipulation.
The Chairman of the Indian conglomerate Adani Group, Gautam Adani, has a net worth of $84.4 billion, while Jeff Bezos’ net worth increased to $124 billion as of January 31, 2023.
With $189 billion, Bernard Arnault is still the richest man alive. According to data from Bloomberg, Gautam Adani’s net worth dropped by $8.21 billion in the past day and has lost $36.1 billion overall.
Bloomberg Billionaires Index
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.
Adani now languishes below Mexico’s Carlos Slim, Google co-founder Sergey Brin and former Microsoft CEO Steve Ballmer on the Billionaires Index.
Amazon’s Jeff Bezos is now the third wealthiest person in the world, while the top two richest people on the planet are Bernard Arnault of Louis Vitton and Elon Musk, who is the owner of Tesla, SpaceX, and Twitter.
Hindenburg Research effect
As Asia’s richest man attempts to finalise a $2.5 billion equity sale by its main company, the selloff in Adani Group shares resumed on Tuesday. This was due to the instability brought on by short-seller Hindenburg Research.
Adani Total Gas Ltd., which has a 10% daily restriction, led the group’s stock losses with its decline.
In the opening hours of trading in Mumbai, Flagship Adani Enterprises Ltd. gained approximately 2%, although it still traded below the floor price established for its follow-on share offering.
As the downturn began its fourth session, the market value of ten of the conglomerate’s companies had lost nearly $75 billion.
As of the end of Monday, the overall subscription for the equity offering, the largest of its kind in India, was just 3%, indicating that demand was likely impacted by claims made by Hindenburg Research that the Indian conglomerate used a network of companies in tax havens to artificially inflate revenue and stock prices as debt accumulated.