How Asia's ex-richest man lost nearly $50 billion in just over a week
NEW DELHI — On Wednesday, Indian businessman Gautam Adani lost the title of Asia's richest man. In early January, not only was he the richest in Asia, he was the third-richest in the world and just a few billion shy of Elon Musk. But in the past week, Adani has dropped several places on lists of the world's wealthiest people kept by Forbes and Bloomberg. In a short span of less than 10 days, his personal fortunes have plummeted by close to $50 billion while his firms hemorrhaged around $100 billion in market value.
The reason? He's been accused of "pulling the largest con in corporate history" by a U.S.-based short seller, a research firm that bets against Adani's stock prices.
On Jan. 24,, alleging that the Adani conglomerate has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."
