Gautam Adani Out Of Top 10 Rich List

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Gautam Adani Out Of Top 10 Rich List
31 Jan 2023
6 min read

News Synopsis

As shares of listed Adani Group companies moved sharply downward, Gautam Adani's net worth continued to decline. The business tycoon lost $8.21 billion on Monday, dropping from seventh to eleventh on the Forbes Billionaires list after having previously been in seventh place. A Mexican billionaire named Carlos Slim took Gautam Adani's place in the top 10 list. The business tycoon has an estimated net worth of $85.7 billion, which is just $1.3 billion higher than Adani.

Last Wednesday, forensic research firm Hindenburg Research, based in the US, released a damning report exposing the Adani Group's stock manipulation and accounting fraud. The Group's stocks trade on the bourses with significant losses after the release of the report. Adani Total Gas, Adani Power, and Adani Wilmar touched their lower circuits on Tuesday, contributing to the decline of four of the seven listed Adani Group firms. The morning trade saw a 2% decline in Adani Green Energy.

The resulting selloff caused Gautam Adani's net worth to drop by millions of dollars. The billionaire's total wealth fell by $6 billion on Wednesday and another $20.8 billion on Friday, according to the Bloomberg Billionaires List, which currently ranks Adani at eleventh place. Adani boasted of having a net worth of $121 billion before the report was out.

The businessman's net worth has grown in an unrivalled way throughout the years. According to Bloomberg, Adani's wealth soared from $9.8 billion in 2019 to $33.8 billion in 2021 and $116 billion at the end of 2022. The majority of Gautum Adani's wealth is related to the ownership stakes in his publicly traded businesses. According to regulatory filings, Adani held over 75% of Adani Enterprises, Adani Power, and Adani Transmissions as of September 2022. Additionally, Adani controls 37% of Adani Total Gas, 61% of Adani Green Energy, and 66% of Adani Ports & Special Economic Zone.

The Group stated in reaction to Hindenburg Research's report that the  “maliciously mischievous, unresearched”  report had damaged the Group, its shareholders, and investors, and threatened to take legal action in retaliation.

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