Bloomberg Billionaires Index: Adani slips from top 20 as rout deepens
Gautam Adani has slipped out of the world's top 20 richest people in the Bloomberg Billionaires Index on 3 February, Friday [10 pm EST].
Adani is placed in the 21st position on Bloomberg Billionaires Index.
Only a few days ago, the billionaire had dropped out of the list of the world's top 10 richest people.
The Adani Group chairman has had $59.2 billion wiped from his personal fortune since last week, reports The National News.
With an estimated net worth of $83.8 billion, India's Mukesh Ambani rose to the ninth position on the forbes list on 2 February, overtaking his compatriot as Asia's richest person, according to Forbes' real-time tracker.
As seen on the Bloomberg Billionaires Index, Adani's net worth stands at $59 billion as of Friday, while Reliance Industries Mukesh Ambani's net worth was at $80.7 billion.
"After a fully subscribed FPO [follow-on public offer], yesterday's decision of its withdrawal would have surprised many," Adani said in a video address to investors on Thursday.
"But considering the volatility of the market seen yesterday [Wednesday], our board strongly felt that it would not be morally correct to proceed with the FPO."
Shares of Adani Group companies have plummeted in a three-day selloff that has erased more than $100 billion of market value, following the publication of a report by Hindenburg Research alleging "brazen stock manipulation and accounting fraud."
Adani is a first-generation entrepreneur who launched his career as a diamond trader in Mumbai in the 1980s. Before setting up Adani Enterprises, he also helped run his brother's plastics business in his home state of Gujarat as an agri-commodities trader in 1988.
Bernard Arnault, chairman of French luxury group LVMH, continues to hold the top spot on the Bloomberg Billionaires Index with a net worth of $193 billion.
Following Arnault, Elon Musk ranks as the world's second-wealthiest person with a net worth of $174 billion.
The Third richest position is currently held by Amazon founder Jeff Bezos with a net worth of $136 billion.
The world's top 10 richest people on the Bloomberg Billionaires Index:
Bernard Arnault — $193 billion
Elon Musk — $174 billion
Jeff Bezos — $136 billion
Bill Gates — $115 billion
Warren Buffett — $108 billion
Larry Ellison — $102 billion
Larry Page — $98.4 billion
Sergey Brin — $94.6 billion
Steve Ballmer — $94 billion
Carlos Slim — $84.2 billion