Indian billionaire Gautam Adani lost a staggering $31 billion, or 24% of his fortune, while Elon Musk gained nearly as much as he lost due to a strong quarterly earnings report. From Friday, January 20, when the market closed, to Friday, January 27, when the day ended, Forbes tracked the shift in fortunes.
This week, some of the richest people in the world did well, while others also did quite awful. However, after the markets closed on Friday, January 27, Gautam Adani lost more than $30 billion.
Gautam Adani
Net Worth: $96.6 bil 🔴 Down $31.2 bil
Country: India | Source Of Wealth: Adani Group |
Sad to say, but Asia’s richest man, Adani, is the biggest loser this week after bombshell headlines surfaced late on Tuesday night following the publication of a 100-page report by short seller Hindenburg Research claiming the “largest con in corporate history,” which includes claims of stock manipulation and accounting fraud. Adani is Asia’s richest man.
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With a wealth of $127.8 billion, Adani began the week as the third richest person in the world. The 25th of January saw a $6.5 billion decrease in his wealth. Due to a holiday, the Indian stock market was closed on Thursday. His fortune lost $22.6 billion in a matter of hours as the free fall continued on Friday.
That is not a record-breaking one-day collapse for a billionaire, despite the fact that it may appear to be; On January 27, 2022, Elon Musk’s wealth decreased by $24.5 billion.
With a net worth of $96.6 billion as of Friday’s market close, Adani’s loss of $31.2 billion this week dropped him to seventh richest. According to the Hindenburg Research report, the Adani family used dozens of shell companies to manipulate stock prices and launder money.
Meanwhile, in a statement provided to Forbes, Adani Group Chief Financial Officer Jugeshinder Singh dismissed the Hindenburg report, labeling it “selective misinformation.”
Adani overtook fellow Indian billionaire Mukesh Ambani to become Asia’s richest person and No. 1 in February 2022. The ten richest people on the planet, worth just over $90 billion. After the Microsoft cofounder Gates donated $20 billion to the Bill & Melinda Gates Foundation in July, he also surpassed Warren Buffett to become the fifth richest person in the world.
With a net worth of $155 billion, Adani briefly overtook Amazon founder Jeff Bezos and then-number two Arnault in the same week in September 2022. He quickly fell back to the third richest person in the world, still ahead of Bezos, and remained there until this week.
