The net worth of Adani Group founder and chairperson, Gautam Adani, fell to less than $50 billion dollars for the first time in the past many years, with Forbes Real-Time Billionaire List and Bloomberg Billionaires Index placing him 25th in their respective lists of wealthiest people in the world.
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While Forbes pegged Adani’s fortune at $48 billion, a slump from $50.7 billion a day before, Bloomberg said it was $49.1 billion, down by $1.15 billion on Sunday.
The Adani Group has been facing turbulent times ever since a report by Hindenburg Research accused the conglomerate of engaging in stock manipulation and accounting fraud scheme for the past many years.
The fall in rankings is being attributed to the Hindenburg Research report, even though Adani Group has denied all the allegations.
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Adani who, at the beginning of 2023 was the third-richest person in the world and the richest in Asia, is now the fourth-richest person in Asia, behind Reliance owner Mukesh Ambani, and Chinese billionaires Zhong Shanshan and Zhang Yiming.
Both Forbes and Bloomberg’s real-time billionaire lists have named France’s Bernanrd Arnault as the wealthiest person on earth followed by Twitter and Tesla owner Elon Musk.
Also read: Hindenburg effect: Gautam Adani vanishes from world’s top 10 richest lis
The Bloomberg Index has ranked Adani below US’ Michael Dell ($49.2 billion) and above French businessman Alain Wertheimer ($49 billion).
In the Forbes list, he has been ranked between Zhang Yiming ($49.5 billion) and Phil Knight and Family ($47.4 billion).