Indian billionaire Gautam Adani overcame Louis Vuitton CEO Bernard Arnault (OTC: LVMUY) to move up to third place in the world's wealth rankings on Monday after gaining $1.12 billion in a single day.What Happened: Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), and Jeff Bezos, CEO of Amazon Inc. (NASDAQ: AMZN), occupied the top two spots on Bloomberg's list of the 500 richest people in the world. Adani, whose fortune increased by as much as $61 billion this year, ranked third.
Adani, who will have the largest increase in fortune in 2022, made history by becoming the first Asian billionaire to accomplish this accomplishment on the Bloomberg Billionaire Index.Inching closer to Bezos, whose net worth is estimated at $153 billion, his wealth stood at $137 billion. He is still $114 billion short of Musk, whose wealth was $251 billion, though.
The significant boost in Adani's wealth was brought on by his conglomerate's last week announced plans to conduct an open offer for another 26% interest in New Delhi Television (NDTV) and indirectly purchase a 29.18% stake. The total value of the open offer would be 4.93 billion ($61.73 million). The Adani Group and the creators of NDTV have been engaged in a legal dispute, but if the deal is successful, it will increase the conglomerate's presence in the media sector.
CreditSights, a division of the Fitch Corporation, reported last week that Adani's conglomerate is "seriously overleveraged," with the group making aggressive investments in both new and current businesses that are largely financed by debt. According to the research, "under the worst-case scenario" a debt trap and potential default may develop.
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