Gautam Adani has fallen seven ranks in the last week to become the world’s 11th richest person.
Adani currently has $84.4 billion in wealth, trailing former Microsoft CEO Steve Ballmer, Google co-founder Sergey Brin, and Mexican industrialist Carlos Slim.
A brief about Gautam Adani drops out of the top ten richest individuals list, trailing Mukesh Ambani by $2.2 billion.
This dramatic drop in Adani’s net value is the consequence of a report on the Adani group released on January 24 by the US-based research firm Hindenburg.
The paper, titled “How the World’s Third Richest Man is Pulling the Largest Con in Corporate History,” alleges a “brazen stock manipulation and accounting fraud scheme” at Adani Group.
According to data from the Bloomberg Billionaires Index, Gautam Adani, the head of the Adani company, has seen his wealth fall by $34.6 billion since the report was released.
The research firm also stated that it is shorting the group’s US-traded bonds and non-Indian derivative products. This sparked a significant stock correction, with all nine Adani Group companies’ stocks plummeting, wiping out 5.57 lakh crore in market value since the report’s release.
With a fortune of $119 billion, Adani ranked fourth among the world’s billionaires.
The top three billionaires in the world are LVMH chairman Bernard Arnault, Tesla owner Elon Musk, and Amazon founder Jeff Bezos.
Adani’s fortune stems from the multinational conglomerate’s diverse interests in ports, energy, logistics, media, green energy, aerospace, and other industries.
Adani’s position in the top ten list has shifted in 2022. At one point, he was the world’s second richest person, and even the third.
As recession worries swept the world and the United States, many tech stocks lost value, affecting the personal fortune of tech billionaires who rank extremely high on the list of the world’s wealthiest – resulting in a dynamic condition of the world’s wealthiest.
However, Adani settled as the world’s fourth richest person in early January 2023 – before the Hindenburg report reversed his fortunes.
Adani is currently $2.2 billion ahead of Reliance Industries chairman Mukesh Ambani. Ambani’s net worth is $82.2 billion, placing him 12th on the list of the world’s wealthiest men. Adani will dethrone Ambani as India’s richest man in 2022.