Gautam Adani, the chairman of the Adani Group, has seen the second-largest decline in wealth this year, according to the Bloomberg Billionaires Index, trailing only Tesla CEO Elon Musk. Adani’s fortune has fallen by $11.9 billion, bringing his total net worth down to $66.8 billion. In comparison, Musk’s wealth took an even bigger hit, dropping by $35.2 billion to a total of $397 billion.
Musk’s financial position had previously surged due to the rising value of his companies and his involvement in the Department of Government Efficiency (DOGE) during US President Donald Trump’s administration.
On the other hand, Adani is facing significant legal challenges. He and executives from Adani Green Energy have been indicted in New York, facing accusations of orchestrating a multibillion-dollar fraud. US prosecutors allege that between 2020 and 2024, Adani, along with his associates, including his nephew Sagar Adani and Vneet Jaain, paid over $250 million in bribes to Indian officials to secure solar energy contracts. These contracts reportedly generated $2 billion in profits.
Additionally, prosecutors claim that Adani Green Energy raised more than $3 billion in loans and bonds by making false and misleading statements. As a result, arrest warrants have been issued for both Gautam Adani and Sagar Adani, and US authorities are seeking international cooperation for their enforcement. The US Securities and Exchange Commission has also filed related civil charges.
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