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Who is Gautam Adani, an Indian billionaire who lost $58.7 billion in 6 days!

In just 6 days, the Indian billionaire, Gautam Adani, has risen from third place in the list of the richest people in the world to 21st place in recent days.

Data prepared by Al-Arabiya indicates that the Indian billionaire’s net worth has decreased by 49% in 6 days, falling from the level of 120 billion dollars to about 61.3 billion current dollars, with losses of about 58.7 billion dollars, lowering its rank in the list of wealthy people of the world to 21st place.

According to Bloomberg, Adani is not quite like Sam Bankman Fried of the cryptocurrency world or Bill Huang of Argos Capital Management who went from tens of billions to zero in a flash when their leveraged deals fell through.

Even after stock prices tumble in the wake of Hindenburg Research’s short-selling report, Gautam Adani is overseeing a sprawling group building capital-intensive infrastructure like ports and airports in in line with Prime Minister Narendra Modi’s development goals.

Adani’s decline in wealth was much greater than that of Brazilian AEK Batista, who similarly used his commodity empire to build national infrastructure such as shipyards and ports with government support. It took Batista about a year to lose his $35 billion fortune and become known as the first known “negative billionaire.”

And Although Elon Musk Was The First Person In History To Lose $200 Billion, He’s Rebounded Since in significantly. Tesla’s CEO added questapproximately $36.5 billion to his personal fortune this year, the most added by one of the richest people in the world.

All in all, the loss of Adani’s fortune is among the most serious in terms of scope and speed since Bloomberg began tracking billionaires in 2012. He has a net worth of $61 billion, in decline from the $150 billion peak in September.

The sharp decline highlights the unique ways in which Adani, 60, has risen in the wealth rankings over the past two years, at one point surpassing all billionaires except Elon Musk. Many of the tactics were tagged by the Hindenburg because they alleged the defrauding of a large concentration of domestic stock ownership, rampant use of leverage, and increased valuations by nearly every metric.

Adani has expanded in aggressively his group, pushing in particular green energy and infrastructure and ensuring investment by companies. His group has been using margin loans to finance its ambitions and last week needed to invest about $300 million of capital to maintain collateral for a loan from a group of banks.

The “Adani” group has repeatedly denied Hindenburg’s allegations, calling the report “false” and threatening legal action. However, Adani Enterprise canceled a subsequent $2.4 billion stock sale that was fully underwritten but attracted little interest from retail investors, and units of Credit Suisse Group and Citigroup stopped accepting some of the securities. of the group as collateral for the loans.

While it is not yet clear to what extent the Indian government will intervene. Parliament was adjourned after a frenzy when the president of the Senate refused the opposition MPs’ request for a debate on Adani. The Indian prime minister has so far not commented on the matter.

Meanwhile, the State Bank of India, the country’s largest financier, has lent up to $2.6 billion to Adani companies, about half the permitted amount.

“Adhani and his officials are doing their best to portray it as a foreign conspiracy against India’s rise as an economic powerhouse,” says Ashok Soin, chair of Peace and Conflict Research at Uppsala University in Sweden. this hoax.. Since Adhani’s shares have been plummeting for a week now, the national team is gradually losing importance.

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