Gautam Adani slides out of top 10 Billionaires’ list
- ByStartupStory | January 31, 2023
Billionaire Gautam Adani, the richest Indian and Asian in the world, has seen his fortune decline, causing him to fall out of the top ten on the Bloomberg Billionaires Index.
Gautam Adani’s net worth as Chairman of Indian conglomerate Adani Group is $84.4 billion, while Jeff Bezos’ net worth has risen to $124 billion as of 31 January 2023. Bernard Arnault, with $189 billion, remains the world’s richest person. According to Bloomberg data, Gautam Adani’s net worth has dropped by $8.21 billion in the last 24 hours, and he has lost $36.1 billion year-to-date.
The Bloomberg Billionaires Index compiles daily rankings of the world’s 500 wealthiest individuals. The figures are updated at the end of each New York trading day.
Amazon’s Jeff Bezos is now the world’s third wealthiest person, with Bernard Arnault of Louis Vitton and Elon Musk, the owner of Tesla, SpaceX, and Twitter, ranking first and second, respectively.
Adani Total Gas Ltd. fell 10% on a daily basis, leading losses in the majority of the group’s stocks. Adani Enterprises Ltd. rose about 2% in early Mumbai trading but remained below the floor price set for its follow-on share sale. As the rout entered its fourth session, the market value of ten of the conglomerate’s companies was reduced by $75 billion.
Overall subscription for the equity offering, the largest of its kind in India, stood at just 3% as of the end of Monday, indicating that demand was likely dampened by Hindenburg Research’s allegations that the Indian conglomerate used a web of companies in tax havens to inflate revenue and stock prices as debt piled up.
As a result, some analysts following the share sale are sceptical that there will be sufficient demand under the current terms, despite a $400 million investment from International Holding Co. IHC, which is controlled by a key member of Abu Dhabi’s royal family.
“IHC’s participation may lend some tactical sentiment support but they have been investors in the group before the FPO too,” said Nitin Chanduka, an analyst with Bloomberg Intelligence. “Markets will look for more clarity on the allegations before a meaningful uptick in the group’s stocks,” he said on the broader outlook.
Adani is attempting to complete the historic share sale in order to repay some of the group companies’ debts, while also refuting allegations made by Hindenburg last week. The billionaire’s personal wealth has been eroded by the rapid decline in share prices, which has also weighed on India’s stock market, where some of his companies were among the top performers last year.
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