Gautam Adani slips out of top 10 billionaires’ list, loses around $8 billion in net worth
Gautam Adani’s net worth continued to take a beating as the shares of listed Adani Group companies traded deeply in the red. After falling to the seventh place on the Forbes Billionaire list, the business tycoon lost $8.21 billion dollars on Monday, bringing his position on the list down to number 11.
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FollowBillionaire Gautam Adani, who is the richest Indian and Asian in the world, saw his fortune decline which led to his ranking on the Bloomberg Billionaires Index slipping out of the top ten in the world's richest list.
The Chairman of the Indian conglomerate Adani Group, Gautam Adani, has a net worth of $84.4 billion, whereas 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 statistics from Bloomberg, Gautam Adani's net worth dropped by $8.21 billion in the past day and has lost $36.1 billion overall.
Jeff Bezos, CEO of Amazon, is now the third richest person in the world, after Elon Musk, CEO of Tesla, SpaceX, and Twitter, and Bernard Arnault, chairman of Louis Vitton.
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As Asia's wealthiest 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.
The damning analysis by the activist short-seller company Hindenburg Research, located in the US, has hurt Gautam Adani's fortunes and the value of the Adani Group equities. The Adani Group was charged in the study with engaging in decades-long activities such obvious stock manipulation, money laundering, and accounting fraud.
According to this research, over a three-year period, the stock prices of the group's seven listed firms increased by an average of 819 per cent.
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The Hindenburg report stated: “We have uncovered evidence of brazen accounting fraud, stock manipulation, and money laundering at Adani, taking place over the course of decades. Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities.”
Also Read | 'Fraud cannot be obfuscated by nationalism...' Hindenburg attacks Adani Group again
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