Over 4 trillion rupees were lost by Gautam Adani in the final half of 2023

Over 4 trillion rupees were lost by Gautam Adani in the final half of 2023

According to a Sunday Bloomberg article, Gautam Adani, the chairman of the Adani Group, lost more than Rs 4 trillion in the first half of 2023 (from January to June). The biggest one-day loss for a billionaire on record occurred on January 27 when Adani lost $20.8 billion in a single day. 

Details on over 4 trillion rupees were lost by Gautam Adani in the final half of 2023

The loss was ascribed to a study by US short-seller company Hindenburg Research, which charged Adani’s organization of stock manipulation and accounting fraud. 

According to Hindenburg Research, Adani’s organization overstated its revenues and used front firms to obfuscate its debt. The charges have been rejected by Adani’s group, who calls them “false and defamatory.”

According to the research, the richest people in the world experienced significant growth in the first half of 2023. In total, the 500 wealthiest individuals on the Bloomberg Billionaires Index increased their net worth by $852 billion over this time. This was the wealthiest half-year for this elite group since the second half of 2020, when the world economy began to recover from the impacts of the Covid-19 pandemic. The billionaires on the index witnessed an average daily increase of $14 million.

Elon Musk was the biggest winner, increasing his net worth by $96.6 billion between January and June 2023. Musk launched the electric car firm Tesla, and the success of Tesla has a significant impact on Musk’s wealth. In the last year, the price of Tesla’s shares has more than doubled.

CEO of Meta Platforms Inc. Mark Zuckerberg made $58.9 billion in the first half of 2023. The Bloomberg Billionaires Index shows that this is the individual with the second-largest rise.

The success of Meta, the parent company of Facebook, Instagram, and WhatsApp, heavily influences Zuckerberg’s wealth. The price of Meta’s shares has increased recently as well.

Gains for the richest people in the world coincide with a period when the world economy is struggling due to issues like growing inflation and the conflict in Ukraine. The Bloomberg Billionaires Index’s billionaires, however, have mostly escaped these difficulties because of the successful returns on their investments.

Leave a Reply