Asia’s richest no more? Gautam Adani’s wealth crashes as $90 billion wiped off his business

[Scott]

Gautam Adani looks set to cede his position as Asia’s richest man to another Indian billionaire as shares in his business empire continue to plunge following fraud allegations leveled by an American short seller.

In an investigation published last Tuesday, Hindenburg Research accused Adani’s ports-to-power group of “brazen stock manipulation and accounting fraud scheme over the course of decades.”

Adani Group denounced the report as “baseless” and “malicious,” and has said it is considering legal action, but the market reaction has been brutal and relentless.

https://www.cnn.com/2023/02/01/business/adani-stocks-plunge-hindenburg-fraud-hnk-intl/index.html

[thaibeachlovers]

If he can lose so much in such a short time IMO it means he didn't have anything of substance other than shares, which means he was only worth as much as other people wanted to pay for those shares.

Those who live by the share die by the share.

 

Strange world we live in where people proclaim themselves to be rich because they have shares or bitcoin- a world built on shifting sand.

 

 

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19 minutes ago, thaibeachlovers said:

If he can lose so much in such a short time IMO it means he didn't have anything of substance other than shares, which means he was only worth as much as other people wanted to pay for those shares.

Those who live by the share die by the share.

 

Strange world we live in where people proclaim themselves to be rich because they have shares or bitcoin- a world built on shifting sand.

 

 

You don't seem to recognize that's if there's a difference between something being overvalued and having no value. If you buy a house for a million dollars and can only sell it for $800,000, does that mean your house was worth nothing?

Of course, if he was using his shares as collateral for loans, and his debt now exceeds the value of his collateral, then he may be worth nothing or less than nothing. But that doesn't mean that the shares are worth nothing.

Edited February 1, 2023 by placeholder

[bangon04]

17 hours ago, thaibeachlovers said:

If he can lose so much in such a short time IMO it means he didn't have anything of substance other than shares, which means he was only worth as much as other people wanted to pay for those shares.

Those who live by the share die by the share.

 

Strange world we live in where people proclaim themselves to be rich because they have shares or bitcoin- a world built on shifting sand.

 

or....  someone who can lose 90 billion and still be rich ..... but not the "richest" any more.....  

[still kicking]

According to posters here all Indians are poor 

[ballpoint]

I thought it was going to be another Indian in Pattaya story.

[placeholder]

Adani is very closely tied to Modi, the PM of India. Adani's fortune is based on coal. Which probably explains why India keeps building coal plants despite the fact that solar is much cheaper given India's geographic location. 

 

Report: New solar is cheaper to build than to run existing coal plants in China, India and most of Europe

Similarly in India, new solar can achieve a levelized cost of $25/MWh, compared to an average cost of running existing coal-fired power plants at $26/MWh. 

https://www.renewableenergyworld.com/solar/report-its-now-cheaper-to-build-new-solar-than-to-run-existing-coal-plants-in-china-india-and-most-of-europe/#gref

[KhunBENQ]

On 2/2/2023 at 5:52 AM, thaibeachlovers said:

If he can lose so much in such a short time IMO it means he didn't have anything of substance other than shares,

Name the one from the top 5 multi billionaires who is not rich in stocks.

Reason why I find these richest lists quite boring.

Monday it's Musk, Friday it's Bezos... next week ?

 

Real billion Dollar rich is like the Sultan of Brunei or another person from here who I won't name.

 

[BritManToo]

10 hours ago, still kicking said:

According to posters here all Indians are poor 

All Indian tourists visiting Pattaya are poor. In fact all nationalities visiting Pattay are poor, its not a destination for the rich. 

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49 minutes ago, BritManToo said:

All Indian tourists visiting Pattaya are poor. In fact all nationalities visiting Pattay are poor, its not a destination for the rich. 

If the poor can afford to jet off to a seaside tourist town for a vacation, then I guess that means the problem of global poverty has been solved. Hooray?

[KhunBENQ]

Some posters seem to have no idea what "poor" means.

Can't afford business class?

Hotel less than 5star?