He is not quite like one-time crypto wunderkind Sam Bankman-Fried or Archegos Capital Management's Bill Hwang, who went from tens of billions to nothing in a flash as their leveraged trades imploded. After all, even after a share price collapse in the wake of Hindenburg Research's short-seller report, Mr Adani oversees a sprawling conglomerate that builds capital-intensive infrastructure, such as ports and airports, in line with Indian Prime Minister Narendra Modi's development goals.
His wealth drop is far bigger than that of Brazil's Mr Eike Batista, who similarly used his commodities empire to build national infrastructure like shipyards and ports with support from the government. It took Mr Batista about a year to lose his entire US$35 billion fortune, becoming known as the first "negative billionaire".
This story is from the February 04, 2023 edition of The Straits Times.
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This story is from the February 04, 2023 edition of The Straits Times.
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