Embattled Indian business tycoon Gautam Adani's net worth has fallen to $39.9 billion, as the market value of the Adani group of companies continues to fall in the aftermath of a scathing report by US short-seller Hindenburg Research.
On Friday, the Adani Group chairman shed another $1.59 billion from his net worth and is now the 30th-wealthiest person in the world, according to the Bloomberg Billionaires Index.
The former centibillionaire's current net worth is a sharp drop from the peak of his wealth of nearly $150 billion last September, when he briefly overtook Amazon founder Jeff Bezos as the world's second-richest person.
Watch: How India's Gautam Adani lost title as Asia's richest man
On Wednesday, Mr Adani's wealth slipped below $50 billion for the first time since March 2021.
The self-made billionaire, 60, has seen $80.6 billion, or 66.9 per cent, wiped from his personal fortune since January 24, when Hindenburg Research accused companies owned by the billionaire of “brazen” market manipulation and accounting fraud.
In its report, Hindenburg Research alleged accounting fraud, improper use of offshore tax havens and stock manipulation by Mr Adani, triggering a sharp fall in his companies' share prices.
The combined market value of the Adani Group’s 10 companies has slumped by about $146 billion, as the ports-to-power conglomerate, which spans from India to Africa and Australia, continues to struggle to reassure investors following Hindenburg Research’s report.
Mr Adani has repeatedly denied Hindburg Research's accusations and has hired legal and communication teams, cut expenses and repaid debt, as the conglomerate seeks to calm traders concerned about the group’s access to financing, Bloomberg reported this week.
Earlier this month, Moody’s Investors Service changed its ratings outlook for four Adani Group companies.
The adjustment came after index provider MSCI said it would reduce the weightings of four of his businesses in its indexes after a review of the number of shares that are freely traded.
The rating agency said it changed its outlook on the Adani companies after their “significant and rapid decline” in market value following the Hindenburg report.
Mr Adani was one of the biggest wealth-gainers in 2022, adding $42.2 billion to his net worth and overtaking centibillionaires such as Bill Gates and Warren Buffett on the Bloomberg Billionaires Index.
World's richest people in 2022 — in pictures
The tycoon started to climb the ranks of the world’s richest in April last year, when shares in his listed companies rocketed.
He ended 2022 as the world’s third-richest person, with a fortune of $119 billion.
Mr Adani is a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s.
He helped to run his brother’s plastics business in his home state of Gujarat before setting up Adani Enterprises — the group’s flagship company — as an agricultural commodities trader in 1988.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
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La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Indika
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
