India's Gautam Adani has eclipsed his fellow countryman Mukesh Ambani to become Asia's wealthiest person, according to Bloomberg's list of the world's wealthiest people.
According to the Bloomberg Billionaires Index, the 59-year-old founder of the Adani Group now has a net worth of $88.5 billion and owns enterprises ranging from ports and aircraft to thermal energy and coal.
Gautam Adani Enters the List of World's Top 10 Richest
During the pandemic, Adani, like other billionaires around the world, has seen his fortune explode. At this time last year, he was valued less than $40 billion. He has overcome Mukesh Ambani, an energy-to-tech entrepreneur from India, to become the world's 10th richest person as a result of this tremendous increase.
Adani Group has had a remarkable stock market performance throughout the pandemic in India. Over 1,000 percent has risen since June 2020 on the National Stock Exchange in Mumbai, indicating that investors are confident in Adani's capacity to bet on industries like infrastructure and renewable energy, which are critical to Prime Minister Narendra Modi's economic growth plans.
With a net worth of $87.9 billion, Ambani, who owns Reliance Industries, is presently in the 11th rank on the Bloomberg index. This wasn't the only change in the billionaires' ranking that occurred in the last several months.
The stock market of Meta (FB), Facebook's parent company, collapsed this week, wiping off more than $30 billion of Mark Zuckerberg's fortune. On the Bloomberg Billionaires Index, Meta's CEO and co-founder is now ranked 13th, as per CNN.
During the share sale through an initial public offering (IPO) that closed on January 31, Adani Wilmar, the manufacturer of popular edible oil brand Fortune, offered shares in the price band of Rs 218-230 per share. According to data from stock markets, the Adani Wilmar IPO was subscribed 17.37 times by the last day of registration.
Non-institutional investors, such as high-net-worth individuals, were in great demand for Adani Wilmar shares. The amount set aside for retail investors was subscribed 33 times, and the portion set aside for qualified institutional purchasers was subscribed 5.73 times, indicating that the IPO was well received by both retail and institutional investors, according to Outlook.
Mark Zuckerber's Meta Lost $29 Billion
Zuckerberg has fallen to the eleventh position as a result of the defeat. The collapse led to the greatest single-day market value loss for a US firm, with more than $200 billion wiped out in a single day. Zuckerberg owns about 12.8 percent of the formerly known Facebook digital behemoth. It follows Tesla Inc., CEO Elon Musk's $35 billion single-day paper loss in November last year, which was one of the greatest in history.
Because it's the first time since 2015 that Zuckerberg has fallen out of the top ten billionaires list, the loss is very noteworthy. According to Forbes, his current net worth is USD 84.3 billion, down about $30 billion from the previous year. When Meta's stock plummeted by more than 20% on February 2, CEO Mark Zuckerberg said that India's high data prices had caused a drop in the number of daily active users throughout the world.
The majority of Meta's revenue comes from advertising, and Apple's operating system has been improved to allow consumers more control over marketers that rely on tracking ad success.
Zuckerberg blamed his loss on Apple's iOS, the economy's woes, and rival applications like TikTok. As a result, he urged his staff to concentrate more on video-based goods. The CEO of Meta also blamed the company's loss of its most loyal customers on supply chain issues due to the pandemic and an increase in data prices in India, Republic World reported.
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