Gautam Adanithe indian tycoon who this year has climbed the wealth rankings at breakneck speed, surpassed Jeff Bezosfounder of Amazon, to become the second richest person of the world.
Adaniwho began the year ranked 14th on the Bloomberg Billionaires Index, Now he has a fortune valued at 146 thousand 900 million dollars. This amount is only surpassed by the 260 billion dollars that it owns. Elon Musk, founder of Tesla.
Shares of Adani Enterprises Ltd. hit a record high this week and some of its group companies are up more than 1,000 percent since 2020.
The net worth of Jeff Bezos’ fortune dropped to $145.8 billion at 10:38 a.m. local time in New York, as a new tech sell-off once once more hit the fortunes of the wealthiest Americans. The change in the wealth rankings might be fleeting and depends heavily on shares of Amazon.com Inc., which are down more than 26 percent this year.
Adani first overtook India’s Mukesh Ambani as the richest Asian person in February, became a hundred billionaire in April and overtook bill gates and Frenchman Bernard Arnault in the last two months.
It is the first time that a person from Asia appears so high in the wealth index, which has been dominated by entrepreneurs from American technology companies.
What are the businesses of Gautam Adani?
Los port and airport operators largest private sector in the country, the urban gas distributor and coal mining are part of the empire of Gautam Adaniwhich also aspires to become the world’s largest producer of renewable energy.
Last year, promised to invest 70 billion dollars in green energya turnaround that has been criticized by some as greenwashing given that much of the group’s revenue still comes from fossil fuels.
The push towards renewable energy and infrastructure has earned Gautam Adani investments from firms including Warburg Pincus and TotalEnergies SE, helping to boost his companies’ shares and his personal fortune. This year, he added regarding 70 billion to his wealth.
The rapid expansion of adani conglomerate led CreditSights, a unit of Fitch Group, to describe some of the companies’ leverage as “high” in a September report. The group has said its companies have reduced debt levels in recent years.
The scrutiny adds to already existing concerns regarding opaque shareholder structures and a lack of analyst coverage. Some Adani Group companies have traded at 700 times earnings, far outpacing firms like Tesla Inc. and Amazon, whose valuations have been closer to 100 times.