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Mukesh Ambani, chairman of Reliance Industries, and Gautam Adani, head of the Adani Group, have fallen out of Bloomberg’s exclusive $100 Billion Club. Their net worth has dropped below the $100 billion mark amid mounting business challenges and global pressures.
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According to Bloomberg’s Billionaires Index, Mukesh Ambani’s wealth declined from $120.8 billion to $96.7 billion by July 2024, while Gautam Adani’s fortune plummeted from $122.3 billion to $82.1 billion. Ambani and Adani, who were once Asia’s richest individuals, now face significant headwinds in their respective businesses.
Reliance Industries witnessed a 3.43% decline in its shares in 2024, contrasting with an 11.93% rise in the benchmark BSE Sensex. Sluggish performance in its energy and retail segments contributed to the decline. Meanwhile, Adani Group has been severely impacted by recent allegations made by US authorities, sparking massive selling pressure on its shares and further denting its valuation.
While Ambani and Adani’s net worth slid, Tesla CEO Elon Musk solidified his dominance, becoming the first individual in history to surpass a net worth of $400 billion.
The financial struggles highlight broader challenges for Indian conglomerates operating in volatile global markets. Despite their historic successes, Ambani and Adani are now under pressure to stabilize their business empires and recover lost ground as global scrutiny and market dynamics continue to shift.
