According to Bloomberg and Forbes index values, Adani business tycoon Gautam Adani’s total wealth fell below $43.4 billion on February 22. As a result, he is no longer considered one of the world’s top 25 billionaires. The decline occurs more than a month after American short-seller Hindenburg Research claimed that the company with headquarters in Gujarat was deeply involved in securities fraud and fraudulent activity.
Mr. Adani was the richest man in Asia and the “3rd richest person” in the world until recently. Unfortunately, he recently experienced a reduction in his personal wealth, which caused him to drop to the 26th spot. On Wednesday, The Adani Group’s stock experienced another sell-off, removing $3.6 billion from Mr. Adani’s personal wealth. Nike’s Phil Knight and family outrank Mr. Adani to take number 25 on the Forbes list with a net worth of $46.3 billion. On the Bloomberg Index, he is situated between Giovanni Ferrero and his family of Italy and François Pinault of France.
Since February 2022, Mr. Adani has held the position of richest person in India. According to the Bloomberg Billionaires Index, he experienced a significant increase in wealth during the COVID-19 epidemic, adding $42.7 billion to his fortune, the sixth largest wealth increase in the world. In September 2022, with a net worth of $156.3 billion, he actually held the 2nd-richest position on the globe.
The decline follows the release of the Hindenburg Report on January 24, which alleged stock manipulation and inappropriate use of tax havens by the group. Mr. Adani has repeatedly disputed the claims made in the research and has threatened to fight the short seller. Market confidence is still low, meanwhile, as a result of concerns about how well the economy is developing and its ability to finance debt. Since January 24, according to Bloomberg, The Adani Group’s market capitalization has decreased by more than $135 billion.
Earlier this week, the valuation of the ten firms that make up the Adani Group, notably “Adani Power,” “Adani Green Energy,” and “Adani Ports,” dropped under the $100 billion threshold.