That was foreseen.
Jeff Bezos has lost his title of the world’s second-richest person behind Elon Musk, Tesla’s electric car leader (TSLA) managing director.
At the time, Bezos had an estimated fortune of $145.8 billion compared with Indian tycoon Gautam Adani’s $146.9 billion, who ended the day with a $147 billion fortune, thus consolidating try second place won in the morning. Bezos has grown a bit and is also worth about $147 billion.
The day started with Adani in 3rd and Bezos in 2nd.
Follow Bloomberg Billionaire Indexjust $1 billion separates Bezos from Gautam Adani, the Indian billionaire and chairman of the Adani Group, an industrial conglomerate.
Bezos’ fortune was then valued at $150 billion in this ranking, while Adani’s was estimated at $149 billion.
Since the two’s vast fortunes lie mainly in the number of shares each holds in his respective companies, it’s a safe bet that Adani will overtake Bezos by the end of the day.
The current volatility in the market – due to concerns about the health of the economy in the face of an aggressive interest rate hike by the Federal Reserve to counter inflationary – is weighing especially heavily on tech corporations like Amazon.
Amazon stock is down about 26% since January. This led to a drop in Bezos’ fortune, which has fallen by $45.5 billion this year.
Adani .’s metric increase
In contrast, Adani is experiencing a massive rise. His fortune has increased by $70.3 billion since January.
His compatriot, Mukesh Ambani, ranked 10th richest person in the world with an estimated fortune of $88.7 billion, is another top 10 billionaire who has seen his fortune increase (+1.02) billion) this year until September 15. But the next day, Ambani, chairman and chief executive officer of Reliance Industries, lost his profits. Now he’s down $1.3 billion.
At the beginning of the year, Adani became the richest person in Asia, ahead of Ambani.
The rest of the top 10 is also in the red.
The fortune of Musk, the world’s richest man, fell $6.44 billion to $264 billion.
Bernard Arnault, president and chief executive officer of LVMH, (LVMUY) lost $40.2 billion to $138 billion.
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Bill Gates’ fortune fell by $26.6 billion to $112 billion.
Alphabet (GOOGLE) Co-founder Larry Page saw his fortune drop by $33.7 billion to $94.7 billion. Sergey Brin, another Alphabet co-founder, lost $32.9 billion to $90.6 billion.
Larry Ellison (ORCL) saw his fortune drop by $18.1 billion to $89 billion.
Since becoming the world’s third-richest person in August, Adani has seen his fortune increase by $12 billion, while Bezos’s have lost $3 billion.
Adani’s rise to prominence began during the covid-19 pandemic. As of March 2020, his net worth is valued at over $6 billion. Since then, his fortune has increased nearly 25 times.
With that increase, it’s no exaggeration to think that by the end of the year, Adani could overtake Musk as the richest person.
A corporation built on debt
Adani, 60, is not well known in the West.
Born in 1962 in Ahmedabad, Western India, Adani came from a humble family of seven children, his father a small textile merchant.
A self-made operator, Adani started working at the age of 16 at diamond dealer Mahendra Brothers, where he was responsible for grading gems.
In 1988, he founded a commodity trading company that would later become the Adani Group.
He has grown the corporation by acquiring companies with debt. Adani Group has become the most valuable company in India. The company holds mines, ports and power plants; It owns dozens of commercial ports and has a presence in coal, electricity and renewable energy. It has also diversified into airports, data centers and defense.
The Adani Group also recently entered the cement sector by purchasing the assets of cement producer Holcim. (HCMLY) in India and is also looking to set up an aluminum factory.
Adani Enterprises is the flagship of his empire. In 2021, its revenue is $5.3 billion.
On August 23, Fitch Ratings subsidiary CreditSights warned that the group was “overspending” and could “in the worst case” fall into a debt trap.
But two weeks later, the rating agency said it had discovered it had made a “calculation error” in two of the Adani Group companies. It corrected its report and removed the words “above average.”
“CreditSights’ position is unchanged from the initial report and we maintain that the group’s leverage is enhanced,” CreditSights concluded.