- Gautam Adani’s net worth stands at around $46 billion, and Adani Group’s combined market cap went down below the $100 billion mark.
- According to Forbes Real-Time Billionaires’ Index he is on the 25th spot in the global rich list.
- He was ranked as the third richest person in the world after Bernard Arnault and Elon Musk.
- Adani Group has categorically denied Hindenburg’s allegations but has failed to satisfy investors and shareholders.
Billionaire and Adani Group chairman Gautam Adani’s net worth has been in a downward spiral much like the combined market cap of Adani Group and the value of the Group’s stocks ever since the Hindenburg report came out in late January. Adani’s total wealth stands at $46.1 billion and he is in the 27th spot on the global rich list as of February 22, according to the Bloomberg Billionaires’ Index.
According to Forbes Real-Time Billionaires’ Index, however, the businessman’s wealth slipped down to $46.7 billion and he is on the 25th spot in the global rich list. Meanwhile, Adani Group’s combined market capitalisation slipped below the $100 billion mark amid intensified selloffs on Tuesday.
US-based short seller Hindenburg Research released a report– Adani Group: How the World’s 3rd Richest Man Is Pulling the Largest Con in Corporate History– and accused the group’s companies of “brazen accounting fraud, stock manipulation and money laundering… taking place over the course of decades.” Gautam Adani’s net worth stood at around $120 billion before the release of this report. He was ranked as the third richest person in the world after LVHM’s Bernard Arnault and Twitter CEO Elon Musk.
Adani Total Gas lost Rs 3.30 lakh crore in market value and its m-cap stood at Rs 96,656.81 crore on February 21. Adani Enterprises, Adani Transmission, and Adani Green Energy have lost over Rs 2 lakh crore each in market value. Adani Power and Adani Ports and SEZ have also seen a value erosion of around Rs 39,997 crore. To be precise, the billionaire’s net worth has declined by $72.9 billion since the report was released by the US short seller.
Adani Group has categorically denied Hindenburg’s allegations and labelled them as being “malicious”, “baseless” and a “calculated attack on India”, but has failed to satisfy investors and shareholders who are worried about the group’s ability to refinance debts and maintain growth momentum.
