Gautam Adani Misplaced $7 Billion & Loses 2nd Rank On The Billionaire List
Gautam Adani, an Indian business magnate, could not have wished for a solid start to September. A day after he became the second richest person in the world thanks to an incredible increase in the value of his seven companies, he had reason to celebrate again. Unfortunately, Adani slipped from 2nd to 3rd place on the billionaire’s list due to its share decline and posted a huge loss of $7 billion in just a few hours.
Gautam Adani is the only Indian to have built not one but seven companies with a market capitalization of Rs 1 lakh crore. After holding India’s richest label for ten years, Ambani slipped to third place on this year’s list with a net worth of Rs 7. 94 million lakh.
During the sharemarket sell-off, the majority of Adani Group shares traded negatively around the price. Globally, billionaire Gautam Adani has seen his position as the second richest man in the world overtaken by Jeff Bezos, the creator of Amazon, who has gained almost $7 billion. With estimated total assets of over $138 billion, Bezos increased by $1.36 billion yesterday, reclaiming the #2 spot in the Bloomberg Billionaires Index.
Adani, who lost $6.9 billion in the market run, is now 135 Billion dollars worth third richest in the world. In total, he has earned around 58.5 billion US dollars so far in the calendar year 2022. Except for Adani Power and Adani Total Gas, all other Adani stocks ended down today with losses of up to 3%. On September 16, the 60-year-old businessman from Gujarati claimed second place for the first time on the global list of the rich.
After the acquisition of ACC and AmbujaCement, the Adani Group has entered the largest conglomerate with a total market capitalization of more than Rs 22 lakh crore. Of the nine entities listed in Adani’s Stable, at least four have more than doubled in size so far in a calendar year.
The recent published IIFL Wealth Hurun IndiaRich List 2022 showed Adani creating wealth at an unprecedented rate of Rs 1612 crore per day. Over the past five years, the Ahmedabad businessman’s wealth has grown, fueled by acquisitions and organic growth multiplied by a whopping 1440%.
Mukesh Ambani who was the second Indian to make the top 10 on he was also pushed to 11th place on the global list of the rich. The Billionaires Index shows that it lost about $2.83 billion in the market crash and is now worth $82.4 billion.
How much wealth does Gautam Adani have?
According to the Bloomberg Billionaires Index, Gautam Adani, 60, is valued at $154.7k. Bernard Arnault also has a combined wealth of $153.8 billion. Elon Musk, the CEO of Tesla and the wealthiest man alive, is at the top of the list with a net worth of $273.5 billion, while Jeff Bezos, the founder and CEO of Amazon, is second with a net worth of $149.7 billion.
Adani’s fortune has grown steadily in 2022
The value of Adani Group’s net value has been growing steadily in 2022. Gautam Adani Gautam Adani and Elon Musk are the only people on the list of the 10 richest people in the world whose wealth has increased in the last 24 hours. During this time, Adani’s total wealth climbed by $4.9 billion. As of January of the current year, Adani’s wealth has climbed by more than $60.9 billion.
In February 2022, Gautam Adani surpassed Mukesh Ambani in terms of the performance of wealth. Gautam Adani overtook Microsoft CEO BillGates last month. At $117 billion, Bill Gates’s net wealth has decreased. This deficit results from his significant donation.
Adani’s net worth is up $60 billion this year. That’s five times more than the other rich in the country. In February of this year, Gautam Adani overtook Reliance Group chief Mukesh Ambani. Adani rose to the position of the richest man in Asia and India as a result. In April 2022, Adani’s net worth crossed $100 billion for the first time ever.
Adani Keep Getting Rich From This Company
Adani Enterprises shares have a great contribution to the company’s achievements they founded Gautam Adani is number two on the billionaire’s list. Shares of the company hit all-time highs in early trading on Friday. Adani Enterprises shares hit Rs 3,865.60 per share on the BSE in early trade. This is your new 52-week price limit.
At the same time, the company has also seen companies such as LIC and ITC reach new heights in terms of market capitalization. Due to the share increase, the market capitalization of this company reached Rs 4.31 trillion.
Will Gautam Adani bridge the $7 billion gap with JeffBezos to become the second richest person in the world?
So far this year, nearly 79 per cent of India’s total market capitalization gains have been accounted for by just the seven listed companies in the Adani Group, the report said. While the M-Cap of all companies listed on the BSE has increased by Rs 12.74 lakh crore, seven Adani Group listed companies account for Rs 10.05 lakh crore over the period.
Analysts say 60-year-old Adani has managed to bridge the wealth gap with other world’s richest tycoons due to rapidly closing the stocks of its group companies such as Adani Transmission, Adani Enterprises, Adani Power, etc. as the value increases. The stock prices of Adani’s companies have more than doubled so far this year. Adani Green Energy and Adani Total Gas are trading at more than 750 times earnings, while Adani Enterprises and Adani Transmission are valued at more than 400 times.
edited and proofread by nikita sharma
