As we all witnessed a few days ago, Gautam Adani was the third one on the list of Forbes Richest Asian, then came the Hindenburg report which took away the internet by storm.
Hindenburg’s report was the major reason for the Adani Group’s stock to tremble. The recent drop in Adani’s wealth has resulted in Reliance Industries ‘ Mukesh Ambani replacing him as India’s and Asia’s richest person.
As per Forbes’ real-time billionaire list, Gautam is currently in the 15th position with $75.1 billion in net worth, whereas Mukesh Ambani is at rank 9 with $83.7 billion in net worth.
Top 10 Richest People In The World
Apart from Mukesh Ambani, the other billionaires on the list of the top ten richest are (in order of increasing wealth): -Bernard Arnault, Elon Musk, Jeff Bezos, Larry Ellison, Warren Buffett, Bill Gates, Carlos Slim Helu & family, Larry Page, and Sergey Brin.
Hindenburg Report & Adani Group
In the report that went viral, Hindenburg mentioned that based on its research, it has taken a short position in Adani’s Group Companies through U.S.-traded bonds and non-Indian-traded derivative instruments. It has accused the Adani Group of accounting fraud, stock manipulations, money laundering, etc.
Since then (January 24, 2023), Adani Group’s stocks have been heavily dropped and are still declining, and the group’s chairman Gautam Adani has fallen from third to eleventh in Forbes’ list of the world’s wealthiest people.