India
There is no truer description of what happened to the list of billionaires in the world overnight than the old Arab proverb (a bird flew and rose only as it flew and fell), and this was not the first time and it will not be the last in the exchange of roles, loss and increase of wealth.
The list of the world’s richest people has witnessed more fluctuations in the past few days, which resulted in the exit of Indian billionaire Gautam Adani from the top five after he was chasing second-ranked Elon Musk until the third week of January.
The Indian billionaire, Gautam Adani, was the only one among the list of the 10 richest people in the world, who ended the year 2022 as a winner, as his wealth recorded an increase of $ 44 billion, but the first month of 2023 witnessed a major earthquake with the wealth of the richest man in Asia.
List of the Big Five
As a result of the storm of continuous declines, Gautam Adani’s ranking fell in the list of the world’s richest people, as it fell to eighth place, to be outside the list of the 5 richest people in the world, after occupying third place at the end of 2022.
The Indian billionaire heads the “Adani” group, which operates and invests in various fields, such as ports and airports, as well as energy, real estate, cement, and others, in addition to plans to invest heavily in the renewable energy sector.
Adani fortune
September 20, 2022 Adani recorded the highest wealth, with a value of $ 150 billion
January 30, 2023 Adani’s fortune fell to $88 billion, with losses of $72 billion
Ranking of the richest people according to the Forbes 400 index
The lists of the world’s most famous wealthy, the Forbes 400 and the Bloomberg 500 list, are often similar to some of the differences according to the criteria for assessing wealth and the price of stocks listed in the markets.
- Bernard Arnault is in first place with a fortune of $211 billion.
- Elon Musk is in second place with a fortune of $181 billion.
- Jeff Bezos is in third place with a fortune of $125 billion.
- Larry Ellison is in fourth place with a fortune of $113 billion
- Bill Gates is in fourth place with a fortune of $112 billion.
- Warren Buffett is in fifth place with a fortune of $108 billion.
- Bill Gates is in sixth place with a fortune of $104 billion.
- Carlos Slim is in seventh place, with a fortune of $93 billion.
- Gautam Adani is in eighth place with a fortune of $88 billion.
- Larry Page is in ninth place with a fortune of $86 billion.
- Mokash Ambani is in tenth place with a fortune of $84 billion.
Ranking according to the Bloomberg 500 Index
- Bernard Arnault is in first place with a fortune of $190 billion.
- Elon Musk is in second place with a fortune of $167 billion.
- Jeff Bezos is in third place with a fortune of $126 billion.
- Bill Gates is in fourth place with a fortune of $112 billion.
- Warren Buffett is in fifth place with a fortune of $108 billion.
- Larry Ellison is in sixth place with a fortune of $101 billion.
- Gautam Adani is in seventh place with a fortune of $92.7 billion.
- Larry Page is in eighth place with a fortune of $92 billion.
- Steve Ballmer is in ninth place with a fortune of $88.7 billion.
- Sergey Brian is in tenth place with a fortune of $88.4 billion.
What happened?
The violent crisis of the Adani Group created a storm in the Indian and global financial markets, causing the group to incur overnight losses close to $72 billion.
Shares of all the companies in the Adani Group fell on Monday, despite the Indian conglomerate’s protracted rebuttal over the weekend to allegations of fraud.
Hindenburg Research, which took a short bet against the group’s derivatives trading outside India, accused Adani of fraud and deceiving investors.
charge back
About 65 of the 88 questions raised by Hindenburg were addressed in the group’s public disclosures, Adani said, describing the short seller’s behavior as “nothing less than calculated securities fraud under applicable law.”
Adani Group reiterated that it will exercise its rights to pursue remedies to protect stakeholders before all relevant authorities.
Shuffle the leaves
Hindenburg responded that Adani’s refutation ignored all major allegations, and added that the group’s statement failed to answer 62 out of 88 questions to Hindenburg, and confused the company’s rapid rise and the wealth of Asia’s richest man with the success of India itself.
The company said the head of the Adani Group had been involved in fraud for several decades, including manipulation of stock and accounting markets, and money laundering.
legitimate question
“I’m not sure if Adani’s refutation is enough to assuage investor fears,” said Brian Freitas, an analyst at Smart Karma.
Adani shares were among the best performers last year, not only in the local market, but also on the MSCI Asia Pacific Index.
The decline continues
The sell-off continued Monday with Adani Total Gas Ltd and Adani Transmission Ltd dropping as much as 20%.
Adani Enterprises also erased its previous gain of 10% to trade down 2%.
Shares of Adani Enterprises are now trading below the minimum limit for selling shares in the new public offering, during which the company seeks to raise 200 billion rupees ($2.5 billion).
Only 2% of the offered shares have been subscribed by Adani Enterprises, which closes on Tuesday, as of 13:42 pm.
At least 4 other bond issues, including those of Adani Electricity Mumbai Ltd., fell to distressed levels below 70 cents on the dollar, generally indicating growing concern about creditworthiness.
