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India’s Gautam Adani surpasses Mukesh Ambani to become richest person in Asia

Gautam Adani also surpassed Mark Zuckerberg, whose company 'Meta' witnessed a crash of about $230 billion from the social media networking giant's market capitalization.

Indian billionaire Gautam Adani becomes Asia’s richest person

Indian businessman Gautam Adani has become the richest person in Asia with a net worth of  $90.1 billion, according to Forbes’ Real-Time Billionaire calculations. He is also the 10th richest person in the world. Adani narrowly surpassed the head of Reliance Industries Mukesh Ambani, worth just $100 million less at $90 billion, according to Forbes data.

Adani group includes a bunch of businesses ranging from power generation and transmission to edible oil to real estate and coal. Adani group has six listed companies in the country, and the businessman’s net worth doubled from $50.5 billion in April 2021.

Adani also surpassed Mark Zuckerberg, whose company ‘Meta’ witnessed a crash of about $230 billion from the social media networking giant’s market capitalization.

Forbes’ data also suggested that Mukesh Ambani’s net worth fell by $2.2 billion in a day, bringing his net worth down to $89 billion. The current world’s richest, Elon Musk’s net worth declined by $3.3 billion in a day, yet he redeemed his no.1 spot on the world scale for the richest.

How did Adani become so rich?

Adani’s wealth has grown manifold in the last few years, especially after the blockbuster performance of his renewable energy company, Adani Green, on Indian bourses. While Ambani’s net wealth has been dented a bit after the cancellation of the Reliance-Aramco deal. RIL recently announced the cancellation of its de-merger of O2C business as Aramco who was expected to invest 20 per cent in this de-merged business has decided to re-evaluate the proposed investment.

Name Net worth
1 Elon Musk
$232 billion
2 Bernard Arnault & family
$194 billion
3 Jeff Bezos
$165 billion
4 Bill Gates
$132 billion
5 Larry Page
$122 billion
6 Sergey Brin
$116 billion
7 Warren Buffett
$114 billion
8 Larry Ellison
$112 billion
9 Steve Ballmer
$96 billion
10 Gautam Adani & family
$91 billion
11 Mukesh Ambani
$90 billion
12 Mark Zuckerberg
$85 billion

Mukesh Ambani, Gautam Adani now richer than Mark Zuckerberg

Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms Inc’s stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20 billion to his personal valuation after Amazon’s blockbuster earnings.

Meta’s stock fell 26%, erasing more than $200 billion in the biggest ever single-day market value wipeout for a U.S. company. That pulled down founder and Chief Executive Officer Zuckerberg’s net worth to $85 billion, according to Forbes.

Zuckerberg owns about 12.8% of the tech behemoth formerly known as Facebook.

Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9% of the company, according to Refinitiv data. He is also the world’s third richest man, according to Forbes.

Amazon’s holiday-quarter profit surged, thanks to its investments in electric vehicle company Rivian; and the company said it would hike annual prices of Prime subscriptions in the United States, sending its shares up 15% in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.

Bezos’ net worth rose 57% to $177 billion in 2021 from a year earlier, according to Forbes, largely from Amazon’s boom during the pandemic when people were highly dependent on online shopping.

Zuckerberg’s one-day wealth decline is among the biggest ever and comes after Tesla Inc top boss Elon Musk’s $35 billion single-day paper loss in November. Musk, the world’s richest person, had then polled Twitter users if he should sell 10% of his stake in the electric carmaker. Tesla shares have yet to recover from the resulting selloff.

Following the $29 billion wipeout, Zuckerberg is in the twelfth spot on Forbes’ list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.

To be sure, trading in technology stocks remains volatile as investors struggle to price in the impact of high inflation and an expected rise in interest rates. Meta shares could very well recover sooner rather than later, with the hit to Zuckerberg’s wealth staying on paper.

Zuckerberg sold $4.47 billion worth of Meta shares last year, before 2021’s tech rout. The stock sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.

Rich are getting richer

A change in the net worth of billionaire Jeff Bezos is also expected after Amazon reported massive earnings. Bezos is expected to add around $20 billion to his net worth. His new net worth will come on the heels of Amazon’s profit surge over investments in electric vehicle company Rivian.

Last year Bezos’s wealth rose 57% to $177 billion mainly due to Amazon’s boom during the Covid-19 outbreak. The pandemic has made more consumers migrate to online shopping.

Meanwhile, in India, it was reported that India’s richest more than doubled their fortunes—while the poverty has worsened—amid the covid-19 spread.

India added 40 billionaires to its list of 142 in 2021, having almost $720 billion in combined fortune, more than the poorest 40% of the population, according to the Oxfam Davos report of 2022.

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