India News Portal

Over $4 trillion was wasted by Gautam Adani in the last six months of 2023

<p>According to Bloomberg, between January and June of this year, Gautam Adani’s net worth decreased. The chairman of the Adani Group lost 60.2 billion (more than 4 trillion) during the previous six months. The day Hindenburg Research accused his organisation of accounting fraud and stock manipulation, January 27, he also suffered the worst single-day loss of any billionaire, losing $20.8 billion. The US study firm’s accusations have been refuted by Adani.<img decoding=”async” class=”alignnone wp-image-65613″ src=”” alt=”” width=”1136″ height=”636″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1136px) 100vw, 1136px” /></p>
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<p>The Securities and Exchange Board of India’s regulatory failure and the alleged breaking of laws by the Adani Group were being investigated by an expert panel appointed by the Supreme Court. Earlier in May, the expert panel informed the top court that the allegations of stock price manipulation or norm violation by the Adani Group cannot be proven at this time.</p>
<p>The Supreme Court-appointed panel’s findings, which said that it found no fault, was cited by Gautam Adani on June 27 in the annual report of his flagship company Adani Enterprises Ltd. The tycoon described the study as containing “targeted misinformation” and “outdated discredited allegations” that were intended to harm his name and make money by purposefully driving down stock prices.</p>
<p>Top 500 wealthiest individuals increased their wealth by $852 billion.</p>
<p>The 500 wealthiest individuals in the world increased their wealth by $852 billion in the first quarter of this year, according to the Bloomberg Billionaires Index. Over the previous six months, each index member made an average of $14 million every day. The conflict between Elon Musk and Mark Zuckerberg over their planned cage match and the Twitter vs. Threads battle further helped their profits.</p>
<p>Through June 30, Mark Zuckerberg, CEO of Meta, made $58.9 billion while Musk earned $96.6 billion.</p>

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