Gautam Adani lost $52 billion in 6 days
what Sam Bankman-Fried lost in a similar period.
Indian tycoon Gautam Adani lost $52 billion in 6 days, Gautam Adani’s fortune has come under so much pressure over the past week and a
half that his losses have surpassed some of the biggest fortune losses in recent years. And the empire,
which is under pressure from US short-selling, has already Gautam Adani lost $52 billion in just six days of trading.
Meanwhile, former FTX CEO Sam Bankman-Fried lost his $16 billion fortune less than a week after the
crypto exchange collapsed, according to Bloomberg.
Adani’s fortune currently stands at $61.3 billion, ranking him 21st on the Bloomberg Billionaires Index.
He is also the second richest person in India after Mukesh Ambani. But this is a steep drop from last
week, when Adani was his fourth richest person in the world. According to Bloomberg, at its peak in
September 2022, Adani was worth $150 billion.
In absolute terms, the destruction of Adani’s wealth is that of Brazil’s “negative billionaire” Eike
Batista, Gautam adani lost all of his $35 billion fortune within a year of the collapse of his oil and mining empire
in 2013.
The remarkable drop in Adani’s net worth is the most severe in both size and speed of decline since
Bloomberg began tracking billionaires in 2012, the news agency said. doing.
The dramatic drop in Adani’s net worth is due to the fact that much of his wealth was derived from his
company stock.
Adani Group’s publicly traded companies have seen their market value so far this year since short
seller Hindenburg Research issued a scathing report last Tuesday accusing his Adani Group of a
“brazen stock manipulation and accounting fraud scheme”.
In aggregate, he’s lost over $100 billion.
The Adani group defended itself vigorously, but Hindenburg also doubled down on the original report.
Nevertheless, the struggle rocked the market. Shares of its flagship company, his Adani Enterprises,
are down about 60% so far this year.
But much of Adani’s fortune is tied to his company’s stock, so there’s still upside potential for his
fortune if the stock fluctuates.
After that, Tesla CEO Elon Musk became the first person to lose $200
billion. However, according to the Bloomberg Billionaires Index, his net worth has increased by $36.5
billion so far this year, which is on the back of the stock’s massive rally.