Gautam Adani, once the richest man in Asia, slips in rankings of the world’s wealthiest people. He is no longer listed among the world’s 25 wealthiest people according to Forbes and Bloomberg. His net worth has plunged to less than $45 billion due to the Hindenburg research short-selling scandal, wiping off over $75 billion of his wealth. Forbes and Bloomberg have ranked Adani at 26th and 29th, respectively. Forbes pegged his net worth at $43.4 billion, while Bloomberg said it slipped to $42.7 billion. Adani has lost $3.2 billion and $3.39 billion in wealth according to Forbes and Bloomberg, respectively.
Adani’s fall from grace has been swift. On Monday, his net worth slipped to less than $50 billion for the first time in several years, ranking him as the 25th richest person in the world. On the Forbes list, he now ranks behind Phil Knight of Nike ($45.9 billion), while Bloomberg ranked him between Italy’s Giovanni Ferrero & family ($42.9 billion) and France’s Francois Pinault ($41.3 billion). Bernard Arnault of France tops the lists, followed by Elon Musk of Twitter.
Since the Hindenburg report was released on January 24, Adani’s group of companies has lost around $142 billion in market capitalization. The 60-year-old denies allegations of stock manipulation and improper use of tax havens. In an effort to calm traders concerned about the group’s access to financing, he has cut expenses and repaid debt. On Wednesday, Adani Enterprises’ stock tumbled 10.4% while Adani Ports shares fell 6.25%.
Adani, who was the third-richest person at the start of the year and the richest person in Asia, is now only the fourth-richest on the continent. He ranks behind Mukesh Ambani and the Chinese duo of Zhong Shanshan and Zhang Yiming, according to both Forbes and Bloomberg.
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