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Indian billionaire and Industrialist Gautam Adani crashes from the $100 billion race

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Indian industrialist Gautam Adani had recently crashed out from the $100billion race as his Adani group share faces stock wreck.

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According to Business Insider Mr Adani lost $7billion in one specific day reducing the distance of wealth between him and his Asian competitor Mukesh Ambani from $30billion before to $3billion now.

Less than a month ago, riding on the rally in Adani group companies, Gautam Adani with Bill Gates as the fourth richest person in the world. However, since then, he has lost nearly $27 billion in wealth – with a $7.6 billion loss from yesterday alone.

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Despite the massive decline, Gautam Adani has still added $23 billion this year, according to Bloomberg Billionaires Index. That is a healthy growth of 30% in the first five months of 2022.

From $10 billion to $100 billion

Gautam Adani is still 10 times richer today than he was two years ago, when he was worth just $10 billion.

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He’s still the sixth richest person, only behind Elon Musk, Bernard Arnault, Jeff Bezos, Bill Gates and Warren Buffett – that is an elite set of people to be trailing with.

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Here’s why Gautam Adani lost $1 billion a day in the last one month

Adani’s decline in wealth is easily noticeable from the major corrections that his companies have witnessed in the last one month. The Adani group has seven listed entities. All but one experienced a decline in the last one month

Adani Green, the renewable energy company, lost over a fifth of its market capitalisation but is still the most valuable company in the group.

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The only outlier in this list is Adani Power and the reason behind this is clearly the addition of the company in MSCI’s global index.

Since MSCI’s addition of the company in its index, Adani Power shares were locked in a 5% upper circuit daily for seven consecutive days, before experiencing moderate correction in the last two days.

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Gautam Adani has a diversified portfolio of businesses and industries he operates in, right from the dirty coal mining business to the future of the planet – renewable energy.

He also has his fingers in the fast-moving consumer goods (FMCG) sector which has been under the pump due to rising input costs, but benefited nonetheless due to boiling edible oil prices. The Adani Wilmar IPO was key to Gautam Adani dethroning Mukesh Ambani as the richest IndianHe also has his fingers in the fast-moving consumer goods (FMCG) sector which has been under the pump due to rising input costs, but benefited nonetheless due to boiling edible oil prices. The Adani Wilmar IPO was key to Gautam Adani dethroning Mukesh Ambani as the richest Indian

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© | This post was according to Business Insider

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