Delhi / Hyderabad, Sept. 16 (Maxim News): Gautam Adani has lost the position of Asia’s richest person after a sharp fall in the domestic stock market on Tuesday.
His net worth dropped by $4.44 billion, or around ₹42,000 crore, according to Bloomberg data cited in reports.
The decline pushed Adani behind ByteDance founder Zhang Yiming in the Asian wealth rankings. Both fortunes are around $105 billion, but Yiming is ahead when the figures are calculated beyond the rounded amount.
Adani has slipped to second place in Asia and 20th globally. Despite the latest fall, his net worth has increased by $20.4 billion this year.
The market sell-off also affected other Indian billionaires. Reliance Industries chairman Mukesh Ambani reportedly lost around ₹17,000 crore in wealth during the same session.
Zhang Yiming’s wealth rises on AI boom
Zhang Yiming’s fortune has increased by $40.3 billion this year. His wealth jumped by more than $12 billion this month after Bloomberg incorporated updated valuations for ByteDance from investment firms including BlackRock, Fidelity Investments and T. Rowe Price.
Yiming’s wealth has grown sharply since Bloomberg began tracking his fortune. His net worth was around $13 billion in March 2019 and has since risen more than eightfold to above $105 billion.
The rise has been driven partly by ByteDance’s expansion in artificial intelligence. The company, best known as the parent of TikTok, has developed AI products including the Doubao chatbot and Seedance video-generation tool.
ByteDance has also benefited from its growing valuation despite regulatory and geopolitical challenges surrounding TikTok. Bloomberg applies a 10% risk discount to its valuation when calculating Yiming’s fortune.
Adani’s fortune, meanwhile, reached around $120 billion in June before declining in recent months. Changes in the MSCI index and a broader market sell-off linked to higher oil prices and rising bond yields have weighed on shares of his business empire, according to the Bloomberg-based report.
The latest wealth rankings underline how quickly billionaire fortunes can change with movements in stock prices and private-company valuations. Yiming’s rise also reflects the growing role of artificial intelligence in creating new technology-linked wealth. (Maxim News)
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