Hindenburg Report Drags Gautam Adani down from 3rd to 7th position on Forbes’ rich list

The Hindenburg report has named Gautam Adani along with his family members in what it has called the biggest fraud in corporate history. The report triggered off strongly worded responses from the Adani Group, where it called Hindenburg’s findings stale and its claims malicious. But that hasn’t helped market sentiment around Adani’s stock, as it has crashed by 20 per cent so far, and has also wiped off more than Rs 80,000 crore from the firm’s market cap.

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More About The Hindenburg’s Report:

After his meteoric rise to the position of the world’s third wealthiest man, Gautam Adani has been dragged down to the seventh position on Forbes’ rich list by Hindenburg’s damning report. The serious claims have triggered off a storm as Indian index Sensex opened 1,000 points lower, and market regulator SEBI increased scrutiny against the Adani Group.

Adani’s Pull From Top:

As of now Bernard Arnault of Louis Vuitton is the world’s richest man, pushing Elon Musk to the second position, followed by Jeff Bezos and Oracle founder Larry Ellison. Adani on the other hand was surpassed by Microsoft founder Bill Gates and Warren Buffet, on the list.

Adani’s Present Net Worth:

The net asset of Adani – who once held the prestige of becoming the world’s second richest person– is now pegged at USD 96.5 billion, according to Forbes. In September last year, he surpassed Amazon founder Jeff Bezos to briefly become the second-richest person in the world with a net worth of around USD150 billion. He held the third spot for quite some time and was pushed to the fourth spot on January 24, the day when Hindenburg Research published its report.

About Hindenburg Research:

Hindenburg Research LLC is an investment research firm with a focus on activist short-selling founded by Nathan Anderson, based in New York City. Named after the 1937 Hindenburg disaster, which they characterize as a human-made avoidable disaster, the firm generates public reports via its website that allege corporate fraud and malfeasance. Companies that have been the subjects of their reports include Adani Group, Nikola, Clover Health, Kandi, Lordstown Motors, and Tecnoglass. These reports also feature defenses of the practice of short-selling and how they “play a critical role in exposing fraud and protecting investors” while holding short positions in the company before publishing reports.