Jeff Bezos has just been stripped of the title of second richest man in the world, dropping to 3rd place. Indian business tycoon Gautam Adani is rapidly climbing the ranks of the Bloomberg Billionaire Index.
Elon Musk, who still tops the list with $260 billion, may need to be careful. It took him less than ten months to move up to second after Adani started the year in 14th place.
Adani’s rise marks the first time an Asian person reaches one of the highest ranks on Bloomberg’s list, which white tech entrepreneurs have long dominated.
Adani’s $146.9 billion in assets, largely driven by Adani Group’s growing conglomerate holdings, still trails Musk’s $260 billion. The group deals with a number of businesses that have rebounded in the past year, such as ports and coal.
Since June 2020, the stock prices of some Adani companies have increased by over 1,000%. This reflects investors’ bias over conglomerate strengths in areas such as infrastructure and renewable energy, which Prime Minister Narendra Modi has prioritized for development.
In 2022, shares of flagship Adani Enterprises soared over 115%.
Adani Quickly Surpass Tycoons
Adani overtook Indian mogul Mukesh Ambani to become Asia’s richest man in February.
Per Bloomberg, Bezos’ net worth fell to $145.8 billion due to the broader equities’ selloff on Friday – it hit tech stocks hard. Amazon shares slumped 3% in early trading, and the stock decreased over 25% this year.
The Amazon founder formerly sat on top of the list; however, his divorce in 2019 took a turn on his wealth. Most of his fortune is tied up in Amazon stock.
The tech selloff has cut $45 billion off Bezos’ net worth since January, says Bloomberg.
Tech stocks are on the dangerous side of Wall Street at the moment.