Jeff Bezos surpasses billionaire Gautam Adani as world’s third richest person after damning Short Seller report

0
29

Topline

Indian tycoon Gautam Adani, chairman of the sprawling Indian conglomerate Adani Group, ceded the title of the world’s third-richest person to Amazon founder Jeff Bezos on Wednesday after a famous short-seller released a damning report denouncing Adani. accused of an alleged decades-long scheme to manipulate the company’s share price — allegations that an Adani executive has vehemently denied.

Main facts

As shares of public companies plummeted on Wednesday, Adani’s fortune fell $6.5 billion to about $119.1 billion by 2:30 p.m. ET — according to Bezos’ net worth of $119.2 billion. TUSEN estimates.

Adani, once the second richest person in the world, remains the richest person in Asia (he is followed by Reliance Industries chairman Mukesh Ambani, who is worth an estimated $85 billion), but Wednesday marks the first time since September that the 60-year-old does not. among the three richest people in the world.

The IPO comes after activist investment firm Hindenburg Research revealed a short position against the conglomerate (which includes interests in energy, real estate and India’s largest port) and alleged Adani Group companies engaged in a brutal manipulation over time. stock and accounting fraud. of decades.”

As part of his allegations, Hindenburg said it found that Adani’s relatives have been running a “massive labyrinth” of offshore shell companies that have moved billions of dollars into publicly traded Adani companies, often without required disclosures, in an effort to appear financially sound, money to launder. and manipulate the stock prices of the companies.

In a statement shared with TUSENJugeshinder Singh, CFO of Adani Group, rejected Hindenburg’s report, saying it is “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.”

tangent

The richest person in the world remains luxury goods magnate Bernard Arnault, the chairman and CEO of Louis Vuitton parent company LVMH. He is worth an estimated $212 billion. With a net worth of $160.8 billion, Elon Musk, CEO of Tesla, is the second richest person in the world.

Surprising fact

In recent years, short-seller Hindenburg has helped spark regulatory investigations into multibillion-dollar companies. In a 2020 report from last year, the company called the electric vehicle company Nikola a “fraud,” and alleged then-chairman Trevor Milton misled investors about the company’s activities. Milton, who lost his billionaire status after the report, has since been indicted and convicted of criminal fraud charges.

Read further

Adani Group shares fall after Hindenburg claims ‘Biggest scam in company history’ (TUSEN)

India’s Gautam Adani is now the richest Asian billionaire ever as fortune surpasses $100 billion (TUSEN)

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here