Jeff Bezos simply misplaced his standing because the world’s second-richest particular person, dropping to No. 3 as Indian enterprise mogul Gautam Adani quickly climbs the ranks of Bloomberg’s Billionaire Index.
Elon Musk, nonetheless the No. 1 wealthiest particular person with $260 billion to his identify, may have to observe his again. Adani has taken lower than 10 months to achieve the No. 2 spot after beginning the 12 months in 14th.
It’s the primary time an individual from Asia has ranked so extremely on Bloomberg’s record, which has lengthy been dominated by white tech entrepreneurs.
Adani’s $146.9 billion fortune, largely tied up in holdings of his sprawling Adani Group conglomerate, nonetheless trails effectively behind Musk’s $260 billion. The group operates a variety of companies together with ports and coal which have thrived in recent times.
Shares of some Adani corporations have jumped greater than 1,000% since June 2020 — reflecting investor optimism concerning the conglomerate’s power in areas like infrastructure and renewable power that Prime Minister Narendra Modi has prioritized for improvement. Shares of his flagship Adani Enterprises are up greater than 115% in 2022.
In February, Adani overtook fellow Indian tycoon Mukesh Ambani to turn into Asia’s wealthiest particular person.
Bezos’s internet value slumped to $145.8 billion, in keeping with Bloomberg, as tech shares have been hit laborious amid a broader equities selloff Friday. Amazon shares fell 3% in early buying and selling, and the inventory is down greater than 25% this 12 months.
The Amazon founder beforehand ranked No. 1 on the record, however his wealth took successful after his 2019 divorce. A lot of his wealth is tied up in Amazon inventory. In accordance with Bloomberg, the tech selloff has shaved $45 billion off Bezos’ internet value since January.
— CNN Enterprise’ Diksha Madhok contributed to this text.
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