Gautam Adani, the Indian billionaire, has suffered a massive loss in wealth, dropping from the list of the world's 10 richest individuals.
According to the Bloomberg Billionaires Index, Adani's wealth has dropped to $84.4 billion, leaving him in 11th place. The steep decline in Adani's fortune can be attributed to the recent report by Hindenburg Research, a New York-based short-seller.
The report, which was released last week, accuses Adani and his companies of various fraudulent activities, stock manipulation, and malpractices. Adani Group, however, has rejected all such allegations.
The result of the report has had a devastating impact on Adani's wealth, with the billionaire losing an estimated $36 billion so far this month. According to Bloomberg data, Adani has lost $34 billion in just the last three trading sessions, with his group companies seeing a drop of over 25% in market capitalization.
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Adani had previously been the biggest wealth gainer in 2022, with an annual increase of around $40 billion. He rose to prominence with a rally in stocks prices for his vast empire, which includes ports, FMCG, mining, and energy. Last year, Adani occupied the number two slot on the rich list, surpassed only by Elon Musk.
Now, Adani finds himself behind nine other billionaires such as Bill Gates, Jeff Bezos, and Google co-founders Larry Page and Sergey Brin. Mukesh Ambani, who is worth $84.4 billion, follows closely behind in the 12th slot.