An Indian tycoon has just made Jeff Bezos the second richest person in the world

New York
CNN business

Jeff Bezos has just lost his status as the world’s second-richest person, dropping to No. 3 as Indian business tycoon Gautam Adani rapidly climbs the ranks of Bloomberg’s Billionaire Index.

Elon Musk, still the richest person at $260 billion, may need to watch his back. It took Adani less than 10 months to reach the 2nd position, after starting the year in 14th.

This is the first time an Asian has ranked so highly on Bloomberg’s list, which has long been dominated by white tech entrepreneurs.

Adani’s $146.9 billion in cash, largely tied up in holdings in his sprawling Adani Group conglomerate, is still well behind Musk’s $260 billion. The group deals with a range of businesses including ports and coal which have thrived in recent years.

Shares of some Adani companies have risen more than 1,000% since June 2020, reflecting investor optimism about the conglomerate’s strength in infrastructure and renewable energy, which Prime Minister Narendra Modi has prioritized for development. Adani Enterprises shares are up over 115% in 2022.

In February, Adani overtook Indian tycoon Mukesh Ambani to become Asia’s richest person.

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

The Amazon founder topped the list, but his wealth took a hit after his 2019 divorce. Much of his wealth is tied up in Amazon stock. According to Bloomberg, technology sales have shaved $45 trillion off Bezos’ net worth since January.

– Diksha Madhok of CNN Business contributed to this article.