• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
One of the world's richest men just lost $100 billion in days

Home> News

Published 17:22 3 Feb 2023 GMT

One of the world's richest men just lost $100 billion in days

Billionaire Gautam Adani has denied any fraud allegations

Anish Vij

Anish Vij

Gautam Adani is one of the world's richest men who just lost $100bn in a matter of days.

The 60-year-old is the chairman of Adani Group specialising in infrastructure and is worth a whopping $61.7bn, according to Forbes' 'real-time billionaires list'.

His net worth, at the time of writing, makes him the 17th richest man in the world.

Advert

Just weeks ago he was sat in third place of the world's rich list.

Adani became India's second-largest cement producer in 2022, after acquiring Swiss firm Holcim's Indian assets for $10.5 billion.

Yet, the billionaire's flagship, which owns a number of companies, have seen $108bn wiped off their market value over the past few days.

Advert

His personal wealth went down by $48bn, as reported by Forbes.

This all began after US-based activist investment firm, Hindenburg Research, published a report which alleges that Adani 'is pulling the largest con in corporate history' following a two-year investigation.

The report accuses the Adani Group of decades of accounting fraud and stock manipulation.

Adani Group have called the report 'a malicious combination of selective misinformation and stale, baseless and discredited allegations'.

Advert

They also referred to the document a 'calculated attack on India'.

UNILAD has contacted Adani Group for comment.

Just weeks ago he was sat in third place of the world's rich list.
REUTERS / Alamy Stock Photo

However, investors have clearly taken the report very seriously and have decided to pull their money out.

Advert

The share price of the group's other businesses have also continued to fall.

This all happened a day before shares of Adani Enterprises were due to go on sale on 25 January, which was dubbed as India's largest ever secondary share offering.

This week, Adani has attempted to reassure investors after Adani Enterprises called off its share sale.

He said that the decision will not affect 'our existing operations and future plans'.

Advert

Currently living in Ahmedabad, India, the billionaire's flagship, which owns a number of companies, have seen $108bn wiped off their market value over the past few days.
ZUMA Press, Inc. / Alamy Stock Photo

Despite the panic caused by the report, Vinayak Chatterjee, founder and managing trustee of the Infravision Foundation, referred to the situation "a short-term blip".

"I have observed this group for a quarter century as an infrastructure expert," he told BBC.

"I see varied operating projects from ports, airports, cements to renewables which are solid, stable and are generating a health cash flow.

Advert

"They are completely safe from the ups and downs of what happens in the stock market."

Adani was a college dropout and transformed his father's textile shop into his own commodities trading firm.

Adani Enterprises Limited (AEL) is the flagship company of Adani Group who has built the likes of Adani Ports & SEZ, Adani Transmission, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar.

Featured Image Credit: REUTERS / Alamy Stock Photo/Simon Belcher / Alamy Stock Photo

Topics: Money, News

Anish Vij
Anish Vij

Anish has an MA in Multimedia Journalism and is passionate about delivering sarcastic/mildly amusing content. After studying business at undergrad, Anish realised that he’d much prefer getting paid to rant about a topic, rather than to find a solution to it. Apart from that, he loves the ‘Four F’s’, as he calls it - family, friends, football and food. Email: [email protected]

X

@Anish_Vij

Advert

Advert

Advert

  • Billionaire 'you've never heard of' donates over $100 billion to stay off the 'billionaires' list'
  • Former child star who appeared in cult classic movie grew up to be one of the richest actors in the world
  • How Elon Musk lost $34,000,000,000 in just one day following public fallout with Trump
  • Juan Soto makes history by signing world's richest sports contract ever with New York Mets for $765,000,000

Choose your content:

26 mins ago
an hour ago
2 hours ago
  • 26 mins ago

    Flesh-eating bacteria leaves 4 people dead in Florida as health officials issue warning

    The deaths occurred across four Florida counties

    News
  • an hour ago

    Man who lured victims for the 'Candy Man' serial killer speaks out for the first time

    Elmer Wayne Henley Jr. was a teenager when he began working with Dean Corll

    News
  • 2 hours ago

    People are discovering dark meaning behind Nike’s 'Just Do It' slogan

    It has nothing to do with Shia LaBeouf's motivational speech

    News
  • 2 hours ago

    Royal Caribbean issues statement after mystery illness takes over ship travelling from USA to Mexico

    The CDC is investigating the cause of the breakout

    News