Okay, we can all take our minds off Sam Bankman-Fried for a moment to learn about another sad soul who saw billions of dollars disappear. Gautam Adani is an Indian tycoon who runs a conglomerate with energy, transportation, airports, media, and defense manufacturing. 

He built a fortune of over $120 billion and, at one point, was the second wealthiest man in the world. He’s still rich, but I don’t care who you are it has to sting seeing $52 billion evaporate from your net worth in a matter of weeks. 

He and his business empire were in the crosshairs of a short seller, and the fallout has cost his business $108 billion value. That’s obviously why his personal wealth has been crushed. 

On January 24, a short seller in the United States named Hindenburg Research accused Adani was responsible through his corporations for pulling “the largest con in corporate history.” 

That’s a pretty heavy statement. He was charged with stock manipulation and accounting fraud, and it was all laid out in a 100-page report. Adani said it wasn’t true and labeled it as a “calculated attack on India,” but investors rightfully freaked out. 

The Adani Group tried to take control of the situation by responding with a 413-page report of their own.  Economists are watching what the overall fallout will be in the coming weeks and months for a country with the largest population in the world. 

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