Ambani and Adani Drop Out of $100 Billion Club Amid Financial Setbacks

India's top billionaires, Mukesh Ambani and Gautam Adani, have experienced significant declines in their net worth, resulting in their departure from the exclusive $100 billion club. According to Bloomberg's Billionaire Index, Gautam Adani's wealth has plummeted from $122 billion in June to $82 billion. This dramatic fall is primarily due to serious bribery allegations against his company, which have eroded investor confidence, severely impacting his financial standing and causing major losses.

Similarly, Mukesh Ambani, the chairman of Reliance Industries, has seen a considerable dip in his wealth. Reliance's market value, which was $120 billion in July, has dropped to $96.7 billion by December 13. This decline is largely attributed to a sharp decrease in earnings from the company's energy sector, coupled with financial strain caused by Ambani’s $600 million expenditure on his son Anant’s wedding.

As a result, both Ambani and Adani have lost their places in the $100 billion club, with uncertain futures ahead for both business magnates. In contrast, Elon Musk's wealth has continued to rise, now surpassing $400 billion, largely driven by a surge in Tesla shares, particularly after Donald Trump’s record-breaking US election win. The financial setbacks for Ambani and Adani underscore the volatility of the global economy and the challenges even the wealthiest face.