Photo: Daily Times
Jeff Bezos has been stripped of his title as the second richest person in the world, coming in third. Indian business tycoon Gautam Adani quickly rises to Bloomberg’s Billionaire Index ranks.
Elon Musk, who is still at the top with $ 260 billion to his name, may have to be careful. It took Adani less than ten months to climb to number 2 after starting the year in 14th place.
Adani’s rise marks the first time an Asian has topped a Bloomberg list long dominated by white tech entrepreneurs.
Adani’s $146.9 billion in assets, largely driven by Adani Group’s growing conglomerate holdings, still trails Musk’s $260 billion. The group deals with a number of businesses that have rebounded in the past year, such as ports and coal.
Since June 2020, shares of some Adani companies have risen more than 1,000%, reflecting investors’ bias towards the conglomerate’s strength in areas such as infrastructure and renewable energy, which the Prime Minister Narendra Modi prioritized development.
In 2022, shares in flagship Adani Enterprises surged to more than 115%.
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Adani Beats Bezos
Adani overtook Indian mogul Mukesh Ambani to become Asia’s richest man in February.
Per Bloomberg, Bezos’ net worth fell to $145.8 billion due to the broader equities’ selloff on Friday – it hit tech stocks hard. Amazon shares slumped 3% in early trading, and the stock decreased over 25% this year.
The Amazon founder formerly sat on top of the list; however, his divorce in 2019 took a turn on his wealth. Most of his fortune is tied up in Amazon stock.
The tech selloff has cut $45 billion off Bezos’ net worth since January, says Bloomberg.
Tech stocks are on the dangerous side of Wall Street at the moment.
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