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WEKU
WEKU
Business
Sushmita Pathak

How Asia's ex-richest man lost nearly $50 billion in just over a week

Gautam Adani Adani Group Hindenburg United States India Asia Elon Musk Narendra Modi Hindenburg Research Nathan Anderson
Gautam Adani, billionaire and chairman of Adani Group, speaks during an event at Israel's Port of Haifa, on Tuesday. The Indian billionaire, whose business empire was rocked by allegations of fraud by short seller Hindenburg Research, said his company will make more investments in Israel. (Kobi Wolf/Bloomberg via Getty Images)

NEW DELHI — On Wednesday, Indian businessman Gautam Adani lost the title of Asia's richest man. In early January, not only was he the richest in Asia, he was the third-richest in the world and just a few billion shy of Elon Musk. But in the past week, Adani has dropped several places on lists of the world's wealthiest people kept by Forbes and Bloomberg. In a short span of less than 10 days, his personal fortunes have plummeted by close to $50 billion while his firms hemorrhaged around $100 billion in market value.

The reason? He's been accused of "pulling the largest con in corporate history" by a U.S.-based short seller, a research firm that bets against Adani's stock prices.

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