Following the collapse of their companies’ shares on the stock exchanges, billionaires Gautam Adani and Elon Musk collectively lost close to USD 25 billion in a single day. According to the Bloomberg Billionaire Index, which analyses the wealth of billionaires daily, the two businessmen lost a significant amount of their money in a single day.
Elon Musk lost USD 15.5 billion as Tesla’s shares experienced their most significant one-day drop in four months, falling 8.6%. According to Reuters, the market reduced the carmaker’s market worth by more than USD 71 billion due to the share price decline. However, Elon Musk still tops the list of wealthiest people in the world despite this enormous loss.
On the other hand, Gautam Adani’s companies’ stock market shares also plummeted. Adani Power, Adani Wilmar, Adani Enterprises, Adani Ports, Adani Green, and Adani Total Gas were among the companies in his business conglomerate that experienced a drop. During the day, the 60-year-old tycoon lost USD 9.67 billion.
Recently, Adani Total Gas Limited Shares fell 7.90% to trade at 3,076, while Adani Power fell 4.99% to close at 354.85. Adani Wilmar closed at 717.75 and had a lower circuit of 5%. On the other hand, Adani Enterprises experienced an 8.42% decline and finished the day at 3,164.75. Adani Energy’s shares fell 7.65% to settle at 2,087.85, while Adani Port’s shares closed at 784.95.
After Jeff Bezos, the founder of Amazon, and Bernard Arnault, the head of Louis Vuitton, Gautam Adani, who had recently ascended to second on the billionaire’s list, has been demoted to the fourth position. Mukesh Ambani, the chairman of Reliance Industries, is ranked tenth with an estimated worth of USD 81.9 billion.