As of February 20th, Gautam Adani, the chairman of the ports-to-power conglomerate Adani Group, saw his net worth drop below $50 billion. The billionaire ranks at number 25 on the Bloomberg Billionaires Index with a net worth of $49.1 billion.
Latest figures from the Bloomberg Billionaires Index show that on Monday, billionaire Gautam Adani saw his fortune fall below $50 billion. His net worth has increased to $49.1 billion. The 60-year-old industrialist’s net worth was close to $120 billion a month ago, making him the third wealthiest person on the planet at the time. That changed drastically after a small US short seller named Hindenburg Research released a damning report on the Adani Group.
The Adani Group’s publicly traded companies saw their market value wiped out as a result of the short seller’s report, which caused chaos on the Indian stock market. It’s worth noting that a total of $120 billion was wiped out of the market value of the seven most important companies in the Adani Group.
Despite denials from the Adani Group regarding Hindenburg’s claims, the report has caused investors and financial institutions to voice concerns, which has contributed to the ongoing fall in share prices of the Adani Group’s publicly traded companies.
The industrial magnate’s personal fortune has dropped by $71 billion since the beginning of the year due to this. Adani’s loss of wealth is therefore the largest among the 500 richest people listed on the Bloomberg Billionaires Index.
Mukesh Ambani, currently ranked 11th on the index with an estimated net worth of $83.6 billion, has overtaken Adani as Asia’s wealthiest man as Adani’s fortune continues to plummet. It may take some time for Gautam Adani to regain the lead from Ambani, given the sharp decline in the valuation of listed business stocks.