Addis Ababa, Ethiopia (31 January 2023)
Indian tycoon, Gautam Adani, who recently surpassed Jeff Bezos to become the world’s second-richest person, has experienced a sudden drop in personal wealth. Adani, who runs one of India’s top conglomerates, had a fortune of $146.8 billion on the Bloomberg Billionaires Index as of 22 September 2022.
However, Adani has seen a major drop in his personal wealth over the past few days, losing $34 billion and falling from 4th to 11th place on the Bloomberg Billionaires Index. The fall in Adani’s wealth has been attributed to the three-day selloff of shares in his conglomerate, the Adani Group, following the publication of a report by Hindenburg Research alleging stock manipulation and accounting fraud.
This major drop in Adani’s personal wealth has also put his position as Asia’s wealthiest person in jeopardy. He now sits just one place above rival Mukesh Ambani, Chairman of Reliance Industries Ltd, whose net worth is $82.2 billion.
The Adani Group’s market value has plummeted, erasing more than $68 billion of its value, causing Adani to fall behind Mexico’s Carlos Slim and former Microsoft CEO Steve Ballmer on the Billionaires Index.
Source: Bloomberg
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