Gautam Adani falls to 15th place on Forbes’ wealthiest list: Hindenburg Report Hunts continue

AuthorKumar Pankaj

According to the Hindenburg report, Gautam Adani and members of his family were involved in what was described as the largest corporate fraud in the history of business.

Investors are not responding positively to billionaire Gautam Adani’s 413-page proposal to restore confidence in his business empire. This comes at a time when the stock market is experiencing further losses and key dollar bonds are reaching new lows.

Following his meteoric rise to the position of the world’s third wealthiest man, Gautam Adani has been dragged down to the seventh position on Forbes’ rich list as a result of Hindenburg’s damning report. The serious claims sparked a storm, with the Indian index Sensex opening 1,000 points lower and market regulator SEBI increasing its scrutiny of the Adani Group.

Current Net Worth Shrunk by $50 Billion

According to Forbes, Adani’s net asset, which once held the distinction of being the world’s second richest person, is now valued at USD 96.5 billion. In September of last year, he briefly surpassed Amazon founder Jeff Bezos to become the world’s second-richest person, with a net worth of around USD150 billion. He was third for a long time before falling to fourth on January 24, the day Hindenburg Research released its report.

All About Hindenburg Studies

Nathan Anderson founded Hindenburg Research LLC, a New York City-based investment research firm specialising in activist short-selling. The firm, named after the 1937 Hindenburg disaster, which they characterise as a man-made avoidable disaster, publishes public reports on its website alleging corporate fraud and malfeasance. Adani Group, Nikola, Clover Health, Kandi, Lordstown Motors, and Tecnoglass are among the companies that have been the subject of their reports. These reports also defend the practise of short-selling, claiming that they “play a critical role in exposing fraud and protecting investors” by holding short positions in the company prior to publishing reports.

Kumar Pankaj is founder of The Scholar Adda and PhD scholars at the Centre of Social Medicine and Community Health, Jawaharlal Nehru University, New Delhi.

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