look news india
The decline in Mukesh Ambani’s personal wealth is attributed to the poor performance of his company’s retail and energy divisions. When his son Anant got married in July 2024, his wealth was more than 120.8 billion dollars i.e. 10 lakh crore rupees, which has now reduced to 96.7 billion dollars i.e. 8 lakh 21 thousand crore rupees on 13 December 2024.
This decline has increased the concern of investors regarding the company’s increasing debt and business crisis.
This news became a disaster for Gautam Adani.
The situation is more serious for Gautam Adani. The investigation by the US Department of Justice (DOJ) has become a major challenge for his group, which may halt the progress of their business empire. The Hindenburg Research report and fraud allegations have landed Adani in trouble, causing its wealth to decline from $122.3 billion in June 2024 to $82.1 billion in November, or about Rs 7 lakh crore. Because of this, Adani is no longer in Bloomberg’s “Centibillionaire Club,” a club of individuals with a net worth of more than $100 billion.
What does this report say?
According to a Bloomberg report, India’s major telecom companies may also be under potential threat. The entry of the newly elected US President Donald Trump administration and Elon Musk’s company Starlink into satellite broadband services in India can challenge Indian telecom companies. Apart from this, Walmart’s Walton family tops the list of the world’s richest families with a wealth of $ 432.4 billion in 2024. He has left behind Middle-Eastern royal families and even the world’s richest man, Elon Musk.
The Mukesh Ambani and Mistry families, belonging to the Shapoorji Pallonji group, are ranked eighth and 23rd respectively in the list. While Adani has been left out of this list, as the list includes only first generation assets and single heirs. Thus, the decline in the wealth of Ambani and Adani has redefined their financial position, and both these Indian businessmen may face new challenges in the near future.