Hindenburg effect: Gautam Adani no longer among world's 25 richest on Forbes, Bloomberg lists
The Forbes Real-Time Billionaire List pegged his current net worth at $43.4 billion on Wednesday.
Billionaire Gautam Adani’s free fall doesn’t seem to be ending anytime soon as the once Asia’s richest man no longer figures among the world’s 25 richest persons’ list after being caught in a short selling storm with Hindenburg research. According to the world billionaires list by Forbes and Bloomberg, Adani has slipped to the 26th and 29th rank respectively after his net worth tanked to less than $45 billion on Wednesday.
While the Forbes Real-Time Billionaire List pegged his current net worth at $43.4 billion, the Bloomberg Billionaires Index said that his net worth slipped to $42.7 billion. This is a massive wipe off of over $75 billion of wealth since the release of the scathing report by the US short selling accusing Adani of pulling the ‘largest con in corporate history.’
As per Forbes and Bloomberg, the fortune of Adani, who was once world's second richest person, was down $3.2 billion and $3.39 billion since yesterday, respectively.
On Monday, the net worth of Adani had 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.
On the Forbes list, the founder-chairman of the Adani conglomerate is behind Nike's Phil Knight ($45.9 billion). The Bloomberg Index, on the other hand, ranked him between tItaly’s Giovanni Ferrero & family ($42.9 billion) and France's Francois Pinault ($41.3 billion). France's Bernard Arnault, meanwhile, remains on top, followed by Twitter chief Elon Musk.
The group of companies owned by Adani has lost about $142 billion in market capitalization since the Hindenburg report was published on January 24. The 60-year-old has repeatedly denied the allegations of stock manipulation and improper use of tax havens and has also cut expenses and repaid debt as he seeks to calm traders concerned about the group’s access to financing
On Wednesday, Adani Enterprises' stock tumbled 10.4% while Adani Ports shares fell 6.25%.
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 Mukesh Ambani, and the Chinese duo of Zhong Shanshan and Zhang Yiming, respectively (as per both Forbes and Bloomberg).