Hindenburg effect: For first time in years, Gautam Adani's net worth drops below $50 billion
According to Forbes, the billionaire's net worth, as of Feb 20, 2023, is $48 billion, and $49.1 billion, as per Bloomberg. Both ranked him as the twenty-fifth wealthiest person in the world.
On Monday, the net worth of billionaire Gautam Adani slipped to less than $50 billion for the first time in several years, with the real-time billionaires lists of both Forbes and Bloomberg ranking him as the twenty-fifth wealthiest person in the world, with a fortune of $48 billion (down $2.7 billion since yesterday) and $49.1 billion (down $1.15 billion) respectively.
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The Forbes Real-Time Billionaire List and Bloomberg Billionaires Index are daily rankings of the wealthiest people in world.
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On the Forbes list, the founder-chairman of the Adani Group conglomerate is behind fellow Asian, China's Zhang Yiming ($49.5 billion), and the United States' Phil Knight and Family ($47.4 billion).
The Bloomberg Index, on the other hand, ranked him between the United States' Michael Dell ($49.2 billion) and France's Alain Wertheimer ($49 billion).
The massive drop in Adani's total wealth is largely due to a report published by Hindenburg Research, in which the American short-seller has accused the businessman and his conglomerate of carrying out the ‘largest con in corporate history.’ The 60-year-old and his group have denied the allegations.
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This, however, has failed to stop Adani's fall in the list of the world's wealthiest people. The third-richest person at the start of the year, and with the highest net worth among Asians, he is now only the fourth-richest in the continent, behind compatriot Mukesh Ambani, and the Chinese duo of Zhong Shanshan and Zhang Yiming, respectively (as per both Forbes and Bloomberg).
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France's Bernard Arnault, meanwhile, remains on top, followed by Twitter boss Elon Musk.