Before slipping to second place, the founder and executive chairman of amazon held the title of richest man in the world for a number of years.That was to be anticipated.
The CEO of electric-vehicle pioneer Tesla (TSLA) – Get Tesla Inc. Report, Elon Musk, has surpassed Jeff Bezos in the race to be the second-richest person in the world.According to the Bloomberg Billionaires Index, the founder and executive chairman of Internet and online-retail juggernaut Amazon (AMZN) – Get Amazon.com Inc. Report fell to No. 3 on September 16 at roughly 10:38 a.m. in New York.
When compared to Indian businessman Gautam Adani, who had an estimated worth of $146.9 billion at the time, Bezos had a fortune estimated at $145.8 billion.
Adani was ranked third when the day began, while Bezos was ranked second.
According to the Bloomberg Billionaires Index, Bezos and Gautam Adani, an Indian billionaire and the head of the industrial behemoth Adani Group, were separated by just $1 billion.
In this list, Bezos' fortune was then put at $150 billion, while Adani's was pegged at $149 billion.
Since each man's enormous wealth is primarily derived from the shares of his own company, it is safe to assume that Adani has the advantage.
Technology companies like Amazon are feeling the effects of the current market volatility, which is brought on by concerns about the state of the economy in the wake of an aggressive rate hike by the Federal Reserve to combat inflation.
Since January, Amazon's stock has decreased by almost 16%. This causes Bezos' wealth, which has decreased by $42.8 billion this year, to decline.On the other hand, Adani is rising quickly. Since January, his net worth has climbed by $72.4 billion.
The second top 10 billionaire who saw his wealth rise (+$1.02 billion) this year is Mukesh Ambani, his countryman and the eighth richest man in the world with an estimated net worth of $91 billion. Ambani serves as the conglomerate Reliance Industries' chairman and managing director.
Adani surpassed Ambani to claim the title of Asia's richest person at the start of the year.
The remaining top 10 are in red.
Musk, the richest man in the world, now has a $264 billion fortune down by $6.07 billion.
LVMH (LVMUY) Chairman and CEO Bernard Arnault lost $39.4 billion, bringing his total losses to $139 billion.
The net worth of Bill Gates has dropped by $25.3 billion to $113 billion.
The value of Warren Buffett's (BRK.A) and (BRK.B) Berkshire Hathaway Inc. reports has decreased by $12.4 billion to $96.6 billion.
Co-founder and Alphabet (GOOGL) stockholder Larry Page's wealth has decreased by $33.5 billion to $94.9 billion. The other Alphabet co-founder, Sergey Brin, had a loss of $32.7 billion to $90.8 billion.
(ORCL) Larry Ellison He suffered a $16.8 billion decline in his wealth, dropping it to $90.3 billion.
Adani's fortune has grown by $12 billion since he rose to the third-richest man in the world status in August, while Bezos's has decreased by $3 billion.
The covid-19 epidemic marked the start of Adani's ascent. His net worth was estimated to be over $6 billion in March 2020. His wealth has grown by roughly 25 times since then.
Given that rise, it's also possible that Adani will surpass Musk as the richest person by the end of the year.
A Corporation Backed by Debt
The 60-year-old Adani is unknown in the West.
Adani, who was born in 1962 in Ahmedabad, western India, is the seventh child of a humble family of seven whose father was a modest textile merchant.
Adani, a self-made CEO, began working at the diamond dealer Mahendra Brothers at age 16 as a precious stone sorter.
He established the commodity trading business that would grow into the Adani conglomerate in 1988.
He has expanded the business by acquiring indebted enterprises. The Adani Group is now India's most valued corporation. The corporation owns mines, ports, and power plants. It also has a presence in the coal, electricity, and renewable energy industries. Additionally, it has expanded into data centers, airports, and defense.
Recently, the Adani group joined the Indian cement industry by purchasing Holcim's (HCMLY) assets. The group also plans to build an aluminum factory.
The centerpiece of his empire is Adani Enterprises. Its annual revenue in 2021 was $5.3 billion.
The company is "seriously overleveraged," according to the CreditSights division of Fitch Ratings, which said on Aug. 23 that it may "in the worst-case scenario" fall into a debt trap.
However, the credit-rating agency said that it made "calculation errors" in two of the Adani Group's companies two weeks later. The phrase "seriously overleveraged" was deleted from its report after it was amended.
CreditSights declared, "Our opinions have not changed since our initial analysis, and we continue to believe that the group's leverage is excessive.
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