Billionaires Gautam Adani and Elon Musk have lost nearly $25 billion in a day after the shares of their companies crashed on the stock markets. The Bloomberg Billionaires Index, which tracks the wealth of billionaires daily, reported that the two tycoons suffered massive losses to their wealth in just a day.
Musk lost $15.5 billion ( ₹1.26 lakh crore) after Tesla's shares witnessed the steepest single-day decline of 8.6 per cent in four months. The fall in shares wiped out more than $71 billion in market value of the carmaker, Reuters reported. Despite this humongous loss, Musk still remains the world's richest in the list.
On the other hand, the shares of Adani's companies also tanked on the stock market. His business conglomerate's companies including Adani Power, Adani Wilmar, Adani Enterprises, Adani Ports, Adani Green and Adani Total Gas crashed on Monday. The 60-year-old tycoon lost $9.67 billion ( ₹78,913 crore) in the day.
Adani Total Gas Limited's shares dropped by 7.90 per cent to close at ₹3,076, while Adani Power declined by 4.99 per cent to settle for ₹354.85. Adani Wilmar had a lower circuit of 5 per cent and closed at ₹717.75. On the other hand, Adani Enterprises closed at ₹3,164.75 after an 8.42 per cent drop. The shares of Adani Port closed at ₹784.95 while Adani Energy's shares declined by 7.65 per cent to close at ₹2,087.85.
Adani, who had recently climbed to the second spot in the billionaires list, has been relegated to the fourth spot after Amazon founder Jeff Bezos and Louis Vuitton boss Bernard Arnault. Reliance Industries chairman Mukesh Ambani is on the tenth spot with a wealth of $81.9 billion.
