Gautam Adani is falling in the ranking of the richest people in the world and he has already lost $28 billion in the first month of 2023.

  • On Friday alone, the wealth of Gautam Adani, Asia’s richest man, fell by more than $20 billion, according to Bloomberg.
  • The disappearance of wealth followed the collapse of the shares of his listed enterprises after a high-profile short selling report.
  • Now Adani is ranked 7th on the list of the richest people in the world – up from 4th at the beginning of last week.

Only one month from 2023, but the wealth of Gautam Adani, Asia’s richest man, has already shrunk by almost a quarter after the seller’s high-profile report on the Adani conglomerate.

In a scathing report released last Tuesday entitled “How the world’s third richest man pulls off the biggest scam in corporate history,” Hindenburg Research accused the Adani Group of “brazen stock scams and accounting fraud.”

Shares of the company’s listed businesses collapsed in response, losing more than $50 billion in market value from Wednesday to Friday, according to Bloomberg.

With most of Adani’s wealth derived from his stakes in companies, the Indian billionaire’s fortune also took a hit, falling $20.8 billion on Friday, according to the Bloomberg Billionaires Index.

Adani, who is worth about $92.7 billion as of Jan. 30, is still the richest Asian in the world, but his ranking in the Bloomberg Billionaires Index has dropped to seventh place, down from fourth at the beginning of last week. His wealth has dropped by almost $28 billion this year, or about 23%.

This is the biggest blow to an Indian billionaire’s wealth and the sharpest market-driven decline for anyone in Asia, according to Bloomberg.

The Adani Group strongly denied the Hindenburg report.

The Hindenburg report also comes at a bad time for the Adani Group, which is offering a secondary sale of shares in Adani Enterprises, the flagship business of the Adani business empire. The sale closes on Tuesday.

But Adani’s group didn’t take the attack lightly — in fact, it presented a strong rebuttal to Hindenburg’s allegations and said on Thursday it was exploring the possibility of legal action.

On Sunday, the conglomerate also released a 413-page report against Hindenburg, saying his report was “nothing more than a lie.”

“This is not just an unwarranted attack on any particular company, but a calculated attack on India, the independence, integrity and quality of Indian institutions, and India’s growth story and ambition,” the Adani Group said in a Sunday report.

Hindenburg responded Sunday that the Adani Group did not answer most of the questions it posed and “predictably tried to divert attention from substantive issues and instead fomented a nationalist narrative” and tried to confuse Adani’s rise with India’s own success.

“To be clear, we believe that India is a living democracy and an emerging superpower with an exciting future,” Hindenburg said in a scathing statement. “We also believe that the future of India is being held back by the Adani group, who have donned the Indian flag, systematically plundering the nation.”

Hindenburg went on to say that “a scam is still a scam, even if it is perpetrated by one of the richest men in the world.”

Adani did not immediately respond to an Insider request for comment sent via the Adani Group.

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