Jeff Bezos has lost his status as the world’s second-richest person, dropping to No. 3, while Indian tycoon Gautam Adani is rapidly climbing Bloomberg’s list of billionaires.

Elon Musk, who is still number 1 in the list of the richest people, with 260 billion dollars, may have to watch his back, writes CNN. It took Adani less than 10 months to reach No. 2 after starting the year at No. 14.

It is the first time that a person from Asia occupies such an important place in the Bloomberg list.

The Amazon founder previously held the No. 1 spot on the list

Gautam Adani’s $146.9 billion fortune, largely tied to holdings in his sprawling conglomerate Adani Group, still lags far behind Musk’s $260 billion. The group operates a number of businesses, including ports and coal, which have prospered in recent years.

Shares in some Adani companies have jumped more than 1,000% since June 2020 – reflecting investor optimism about the conglomerate’s strength in areas such as infrastructure and renewable energy that Prime Minister Narendra Modi has identified as development priorities. Shares of its flagship company Adani Enterprises rose over 115% in 2022.

In February, Adani overtook Indian tycoon Mukesh Ambani to become the richest person in Asia.

Jeff Bezos’ net worth has plummeted

Bezos’ net worth fell to $145.8 billion, according to Bloomberg, as tech stocks were hit hard on Friday amid a broader stock selloff. Amazon shares fell 3% in early trading, and the stock is down more than 25% this year.

The Amazon founder was previously No. 1 on the list, but his wealth took a hit after his divorce in 2019. Much of his wealth is tied to Amazon stock. According to Bloomberg, the tech slump has shaved $45 billion off Bezos’ net worth since January.

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