Gautam Adani loses over $8 billion in net worth and drops out of the top 10 list of richest people.

As shares of listed Adani Group firms moved sharply to the downside, Gautam Adani’s net worth continued to suffer. The business tycoon lost $8.21 billion on Monday, dropping from seventh to eleventh on the Forbes Billionaires list after having previously been in seventh place.

Gautam Adani
Gautam Adani

The richest Indian and Asian in the world, billionaire Gautam Adani, has seen his wealth diminish, which has caused him to fall out of the top 10 richest people in the world according to the Bloomberg Billionaires Index.

In comparison to Jeff Bezos, who as of January 31, 2023, has a net worth of $124 billion, Gautam Adani, the chairman of the Indian giant Adani Group, has a net worth of $84.4 billion. Bernard Arnault is still the richest person alive at $189 billion. Bloomberg data shows that Gautam Adani’s net worth has lost $36.1 billion overall and $8.21 billion in the last day.

After Elon Musk, CEO of Tesla, SpaceX, and Twitter, and Bernard Arnault, chairman of Louis Vuitton, Jeff Bezos, CEO of Amazon, is currently the third wealthiest person in the world.

The selloff in Adani Group shares resumed on Tuesday as Asia’s richest man worked to complete a $2.5 billion equity sale by its primary company. The volatility caused by short-seller Hindenburg Research was the cause of this.

Gautam Adani’s fortunes and the value of the Adani Group shares have suffered as a result of the critical research by the activist short-seller firm Hindenburg Research, based in the US. According to the investigation, The Adani Group has been involved in decades-long actions such blatant stock manipulation, money laundering, and accounting fraud.

According to this study, the stock prices of the group’s seven publicly traded companies rose by an average of 819 percent over a three-year period.

“We have discovered evidence of blatant accounting fraud, stock manipulation, and money laundering at Adani, taking place over the course of decades,” the Hindenburg report concluded. With the aid of government enablers and a cottage industry of foreign businesses that facilitate these operations, Adani has accomplished this enormous task.