Photo: Daily Times
Jeff Bezos has just been stripped of his title as the second-wealthiest person in the world, falling to the number 3 spot. Indian business tycoon Gautam Adani quickly rises to Bloomberg’s Billionaire Index ranks.
Elon Musk, who is still on top of the ranks with $260 billion to his name, might need to watch out. It only took Adani less than ten months to climb to No. 2 following his start of the year in 14th place.
Adani’s rise marks the first time a person from Asia reached among the highest ranks on Bloomberg’s list, which white tech entrepreneurs have dominated for a long time.
The $146.9 billion wealth of Adani, mainly due to his growing Adani Group conglomerate holdings, still sits behind Musk’s $260 billion. The group handles a series of businesses such as ports and coal that have boosted over the past year.
Since June 2020, shares of a few Adani firms have soared over 1,000% – mirroring investor inclination about the conglomerate’s strength in areas such as infrastructure and renewable energy that Prime Minister Narendra Modi has put priorities in for development.
In 2022, shares of flagship Adani Enterprises jumped to over 115%.
Adani surpassed fellow Indian mogul Mukesh Ambani in February to become Asia’s richest person.
Read also: JACKSON MAHOMES: ALL ABOUT HIM
Adani Surpasses Bezos
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.
Read also: All About Ronnie McNutt
Opinions expressed by Artist Weekly contributors are their own.