Topline
Indian tycoon Gautam Adani, chairman of the sprawling Indian conglomerate Adani Group, ceded the title of the world’s third-richest person to Amazon founder Jeff Bezos on Wednesday, after a famed short-seller released a scathing report accusing Adani of an alleged decades-long scheme to manipulate the firm’s stock price—claims an Adani executive has vehemently denied.
Key Facts
As shares of publicly traded companies tumbled on Wednesday, Adani’s fortune fell by $6.5 billion to about $119.1 billion by 2:30 p.m. ET—falling below Bezos’ net worth of $119.2 billion, according to Forbes estimates.
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