Photo: Daily Times
Jeff Bezos has quite recently been deprived of his title as the second-richest individual on the planet, tumbling to the number 3 spot. Indian business big shot Gautam Adani rapidly ascends to Bloomberg’s Billionaire Index.
Elon Musk, who still tops the list with $260 billion, may need to be careful. It took him less than ten months to move up to second after Adani started 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 fortune, largely due to his growing stakes in the Adani Group conglomerate, still trails Musk’s $260 billion. The group runs a number of businesses, such as ports and coal, which have seen a resurgence over the past year.
Since June 2020, the stock prices of some Adani companies have increased by over 1,000%. This reflects investors’ bias over conglomerate strengths in areas such as infrastructure and renewable energy, which Prime Minister Narendra Modi has prioritized for development.
In 2022, shares in flagship Adani Enterprises surged to more than 115%.
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Adani Exceeds Moguls
Adani overtook his compatriot Mukesh Ambani in February to become the richest person in Asia.
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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