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What you need to know:Everything You Need to Know About the Fight Between Adani and Hindenburg
Wealth

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.

Bloomberg business news
Did Hindenburg Open India's Pandora’s Box?
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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.