Gautam Adani lost over ₹4 trillion in past six months of 2023: Report
Billionaire tycoon Gautam Adani’s net worth sank between January and June this year, Bloomberg reported. The Adani Group chairperson lost 60.2 billion (over ₹4 trillion) in the past six months. He also registered the biggest one-day loss of any billionaire, losing $20.8 billion on January 27, the day Hindenburg Research in its report accused his group of accounting fraud and stock manipulation. Adani has denied allegations by the the US research firm.
Earlier in May, the Supreme Court-appointed expert panel to probe regulatory failure by the Securities and Exchange Board of India and alleged breach of laws by Adani Group, had informed the top court that the allegations of stock price manipulations or violation of norms by Adani Group cannot be proved at this stage.
On June 27, Gautam Adani in the annual report of his flagship firm Adani Enterprises Ltd, referred to the Supreme Court-appointed panel’s report which said it found no failure. The tycoon called the report a combination of ‘targeted misinformation’ and ‘outdated discredited allegations’ which were aimed at damaging his reputation and generating profits via a deliberate drive-down of the stock prices.
Top 500 richest people added $852 billion to their fortunes
According to Bloomberg Billionaires Index, the world’s 500 richest people grew richer by $852 billion in the first of this year. Each member of the index earned an average of $14 million a day over the past six months. Elon Musk and Mark Zuckerberg who have locked horns with each other due to their proposed cage fight as well as Twitter vs Threads showdown, too added to their fortunes.
While Musk earned $96.6 billion through June 30, Meta CEO Mark Zuckerberg gained $58.9 billion.
(With Bloomberg inputs)
