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Adani Drops to 4th Rank on World's Richest List After Fraud Allegation

  • Publish date: Thursday، 26 January 2023
Adani Drops to 4th Rank on World's Richest List After Fraud Allegation

Amazon founder Jeff Bezos replaced Indian Businessman Gautam Adani as the third richest man in the world on Wednesday, amid allegations Adani Group's chairman surfacing.

Adani’s net worth dropped by $872 million in one day, putting him in 4th place among the richest in the world on Forbes Real Time Billionaires list with $119.1 billion on January 25th, which dropped further to $113 billion on January 26th, according to Bloomberg Billionaire Index.

 Adani was designated among the top three richest individuals in the world with a total net worth of $120 billion dollars. However, he slipped to the fourth spot on January 24 with a loss of $872 million.  

The drop in Adani’s net worth comes after Hindenburg Research, a US-based investment research firm that specialises in activist short-selling, released a report accusing Adani of an alleged decades-long scheme to manipulate the firm's stock price.

Adani Group fervently denied the allegations, with Group CFO Jugeshinder Singh calling it “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.”

Bernard Arnault, founder of French luxury brand Louis Vuitton's retained the title of richest man in the world, followed by Tesla founder Elon Musk in 2nd place.