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New York
CNN business
—
Jeff Bezos lost his position as the world’s second-richest man, dropping to third as Indian businessman Gautam Adani rapidly climbed the ranks of Bloomberg’s Billionaires Index.
Elon Musk, the world’s richest man with a fortune of $260 billion, may still need to be careful. Adani took him less than 10 months to reach second after starting 14th.
This is the first time an Asian has ranked so high on Bloomberg’s list.
Adani’s $146.9 billion fortune, largely tied to his sprawling Adani Group conglomerate holdings, is still well below Musk’s $260 billion. The group operates a variety of businesses, including ports and coal, which have flourished in recent years.
Stock prices of some Adanite companies have risen by more than 1,000% since June 2020. This reflects investors’ optimism about the conglomerate’s strengths in areas such as infrastructure and renewable energy, which Prime Minister Narendra Modi has prioritized for development. The stock price of his flagship company, Adani Enterprises, is up more than 115% in 2022.
In February, Adani overtook fellow Indian tycoon Mukesh Ambani to become Asia’s richest person.
Bezos’ net worth has dropped to $145.8 billion, according to Bloomberg. Tech stocks took a big hit amid Friday’s broader selloff. Amazon shares were down 3% before the start of trading and are down more than 25% this year.
The Amazon founder previously ranked number one on the list, but his fortune took a hit after his divorce in 2019. Much of his wealth is tied up in Amazon stock. The sale of technology has reduced Bezos’ net worth by $45 billion since January, according to Bloomberg.
— Diksha Madhok of CNN Business contributed to this article.
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