Photo: Daily Times
Jeff Bezos has just been stripped of the title of second richest person in the world and drops to number 3. Indian business tycoon Gautam Adani is rapidly climbing the charts on Bloomberg’s Billionaire Index.
Elon Musk, who is still at the top with $ 260 billion to his name, may have to be careful. It took Adani less than ten months to climb to number 2 after starting the year in 14th place.
Adani’s rise marks the first time an Asian person reaches one of the highest ranks on Bloomberg’s list, which white tech entrepreneurs have long dominated.
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, shares of some Adani companies have risen more than 1,000%, reflecting investors’ bias towards the conglomerate’s strength in areas such as infrastructure and renewable energy, which the Prime Minister Narendra Modi prioritized development.
In 2022, shares of flagship Adani Enterprises soared over 115%.
Adani Bests Ambani and Bezos
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.