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Adani Net Worth Declines Further, Dips to $52.4 Billion as Selloff Continues



Gautam Adani

Adani Group Chairman Gautam Adani, one of the wealthiest men in the world, has suffered another blow to his net worth as the selloff of Adani Group stocks continues in the wake of a controversial report by a US-based short seller.

According to the latest data from the Bloomberg Billionaires Index, Adani’s net worth has dipped to $52.4 billion as of February 14, down from $62.3 billion in early January, Investors King reports.

This represents a decline of around 16% in just a few weeks, and marks a significant setback for Adani, who was ranked as the third richest person in the world just a few weeks ago.

The decline in Adani’s net worth is largely attributed to the negative impact of the Hindenburg Research report, which accused the Adani Group of engaging in dubious accounting practices, environmental violations, and political favoritism.

The report, which was released on Janaury 24, caused a massive selloff of Adani Group stocks, wiping out billions of dollars in market value within a few hours.

The report also triggered a series of investigations by Indian regulators, including the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), and the Directorate of Revenue Intelligence (DRI), which are still ongoing.

The selloff of Adani Group stocks has not abated since the release of the report, despite the Group’s efforts to downplay the allegations and reiterate its commitment to sustainability and transparency. As of the latest trading session, Adani Group stocks have lost around 30% of their value from their peak in January, and have underperformed the broader market by a wide margin.

The decline has affected not only the Adani family’s wealth, but also the fortunes of millions of investors, including domestic and foreign funds, who have bet on the growth prospects of the Adani Group and its subsidiaries.

The Adani Group, which is known for its ambitious plans for infrastructure development and renewable energy, has been one of the most successful and controversial companies in India. Its rise to power and wealth has been accompanied by allegations of crony capitalism, environmental destruction, and human rights violations, which the Group has strongly denied.

The Group’s relationship with the Indian government and its dominant position in several sectors have also drawn scrutiny and criticism from some quarters, who see it as a threat to competition and democracy.

The Adani Group and its Chairman have faced many challenges and controversies in the past, but the current crisis is arguably the most severe and prolonged. The fate of the Group and its Chairman remains uncertain, as the investigations by the regulators are still ongoing and the legal battles are likely to take years.

The Adani Group has challenged the show-cause notices issued by the SEBI in the Bombay High Court and obtained a stay order on them. However, the court has recently lifted the stay order and directed the SEBI to complete its investigation and pass a final order within six months.

The Adani Group has also sought damages from the Hindenburg Research and other entities that it claimed had caused harm to its reputation and stock prices. The outcome of these cases could have far-reaching implications for the Indian economy, the global markets, and the public trust in corporate leaders.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Billionaire Watch

Vietnam Court Sentences Real Estate Tycoon to Death Over $12.46 Billion Fraud Case



Truong My Lan

A court in Vietnam has sentenced real estate tycoon Truong My Lan to death for her involvement in a $12.46 billion financial fraud case.

The verdict delivered on Thursday comes after a trial that began on March 5 and ended earlier than anticipated, drawing attention both domestically and internationally.

Truong My Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery, and violations of banking regulations in the bustling business hub of Ho Chi Minh City.

Despite pleading not guilty to the charges of embezzlement and bribery, the court handed down a death sentence for the embezzlement charge and 20 years each for the other two offenses.

The trial and subsequent verdict are part of a broader crackdown on corruption spearheaded by Vietnam’s ruling Communist Party, led by Nguyen Phu Trong, who has long vowed to eradicate corruption from the country’s political and economic landscape.

The case revolves around allegations of massive embezzlement and financial mismanagement within Saigon Joint Stock Commercial Bank (SCB), which Truong My Lan effectively controlled through a network of proxies.

Prosecutors accused her of siphoning off over 304 trillion dong from the bank through illicit loans to shell companies and other unlawful practices.

Truong My Lan’s rise from a cosmetics trader to a prominent figure in Vietnam’s financial world adds a layer of intrigue to the case. Starting her career in the central market of Ho Chi Minh City, she founded Van Thinh Phat in 1992 and quickly ascended to prominence in the real estate sector.

However, her fall from grace has been swift and dramatic, culminating in the unprecedented death sentence.

The trial also implicated several others, including Lan’s husband, Eric Chu, and her niece, who received lengthy prison terms for their roles in the fraud scheme.

The court’s decision reflects the severity with which Vietnam is addressing corruption within its borders, with the government keen to demonstrate its commitment to accountability and transparency.

Despite the verdict, some remain skeptical about the effectiveness of Vietnam’s anti-corruption efforts, pointing to widespread bribery and graft across various sectors.

However, the sentencing of Truong My Lan sends a strong message that no one, regardless of their status or influence, is above the law in Vietnam’s pursuit of justice and integrity.

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Billionaire Watch

Nigerian Billionaire Tony Elumelu Contemplates Acquiring NPFL Club



Tony Elumelu

Tony Elumelu is reportedly considering the acquisition of a club in the Nigeria Professional Football League (NPFL).

The 61-year-old Nigerian mogul, renowned for his astute business acumen and commitment to socio-economic development across Africa, has hinted at his interest in bolstering the domestic football scene during discussions with the Minister of Sports Development, Senator John Owan Enoh.

Elumelu, who chairs notable entities like Heirs Holdings, Transcorp, and United Bank for Africa (UBA), expressed openness to the idea of private ownership of clubs in Nigeria, particularly as part of Corporate Social Responsibility (CSR) initiatives proposed by stakeholders.

The notion of corporate entities investing in football clubs as a means of fostering development and promoting sports excellence has gained traction in recent years. A suggestion put forth by a user identified as LawyerDay on social media sparked dialogue on the topic, igniting Elumelu’s interest in exploring this avenue further.

Responding to LawyerDay’s proposal advocating for prominent corporations in Nigeria to acquire league clubs for CSR purposes, Elumelu affirmed the viability of such a venture.

He acknowledged having been approached by Minister Owan Enoh to evaluate the feasibility of such acquisitions, signaling a potential move towards club ownership.

“This is a nice idea,” remarked Elumelu, accompanied by a thumbs-up emoji, in response to the suggestion put forth. “The Sports Minister, Senator John Enoh, is already thinking along this line and has approached me, and we are already evaluating viability,” he added.

Should Elumelu proceed with acquiring a club in the NPFL, it could mark a significant turning point for the league, injecting fresh capital, expertise, and resources into Nigerian football.

His track record of success in various sectors, coupled with his commitment to driving positive change, positions him as a formidable force capable of elevating the profile of domestic football.

As one of the wealthiest individuals in Nigeria and Africa, with diverse investments spanning financial services, real estate, hospitality, healthcare, power, oil, and gas, Elumelu’s potential foray into club ownership holds promise not only for the NPFL but also for the broader sporting landscape in Nigeria.

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Billionaire Watch

Zuckerberg Overtakes Musk: Meta CEO Moves to Third Richest Person in the World



Mark Zuckerberg - Investors King

Mark Zuckerberg, the CEO of Meta Platforms Inc., has surpassed Elon Musk to claim the coveted third position, according to the Bloomberg Billionaires Index.

This is the first time since 2020 that Zuckerberg has held such a high position on the list.

The rearrangement in rankings occurred as Musk, the CEO of Tesla Inc., faced setbacks in the electric vehicle industry that led to a decline in his net worth.

Tesla’s shares took a hit following reports of canceled plans for a less-expensive car and a decline in vehicle deliveries for the first time since the onset of the COVID-19 pandemic. As a result, Musk’s wealth diminished by $48.4 billion this year.

Meanwhile, Zuckerberg’s fortune has been on the rise, increasing by $58.9 billion this year on the back of Meta’s impressive performance.

With his net worth now standing at $186.9 billion, Zuckerberg has comfortably surpassed Musk, whose net worth is $180.6 billion.

The reversal in fortunes between Zuckerberg and Musk reflects broader trends in the market. While electric vehicle stocks, once the darlings of investors have faced challenges, big tech companies like Meta have thrived, particularly those involved in artificial intelligence initiatives.

Meta’s stock surge, fueled by strong quarterly earnings and excitement about its AI projects, contrasts sharply with Tesla’s struggles in the face of global EV demand slowdowns and production issues.

The rivalry between Zuckerberg and Musk extends beyond their wealth, with both entrepreneurs engaged in public spats and competing ventures.

Meta’s launch of Threads, a social-media platform, directly competes with Musk’s X, leading to intensified tensions between the two billionaires.

Their rivalry even escalated to the point of discussing a possible cage fight, with Musk recently reigniting the idea by expressing willingness to fight Zuckerberg “anywhere, anytime.”

Moreover, Musk’s net worth could face further challenges following a Delaware judge’s decision to strike down his $55 billion Tesla pay package.

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