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Adani Loses Asia’s Richest Spot as Rout Erases All of 2022 Gains

The Indian tycoon’s wealth has tumbled by more than $48 billion this year, with his companies’ shares plunging in the wake of a short-seller report.

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Gautam Adani is no longer the richest person in Asia — or in his country.

In just one week, his eye-popping wealth gains from last year — all $44 billion of them — have evaporated, and then some. Day after day, he’s tumbled down the Bloomberg Billionaires Index as he sought to fight a short seller’s attack. And on Wednesday, his decimated fortune plunged below that of Mukesh Ambani, the rival Indian magnate.