Indian tycoon Gautam Adani lost his title of Asia’s richest person in the wake of a short-seller report.
A stock rout has cost Gautam Adani the title of Asia’s richest person.
Shares have tumbled at his namesake Adani Group.
The total market value of associated companies was down $84 billion.
That after a critical report by U.S. short-seller Hindenburg Research.
It has raised concerns about the conglomerate’s debt levels, and says it made improper use of offshore tax havens.
The company calls the allegations baseless.
But it’s all taken a very big toll on Gautam Adani’s net worth.
It’s tumbled by tens of billions to under $77 billion, dropping him to fifteenth on Forbes’ list of the richest people.
Just days ago he was third, and the richest in Asia.
Xi Jinping is taking over China’s sharemarket
China’s economy sees President Xi Jinping asserting control over its sharemarket, a move raising eyebrows globally.
Xi’s government has unveiled a series of measures aimed at consolidating authority over the country’s stock market, signalling a desire for greater economic stability and control.
The reforms include stricter regulations for listing on Chinese stock exchanges, with companies needing to meet more stringent criteria to go public.
Additionally, the government is increasing its oversight of foreign listings by Chinese firms, a move seen as an attempt to prevent capital flight.
Investors worry as Tesla misses targets
Tesla reported lower-than-expected quarterly deliveries, sending its shares into a downward spiral.
The EV giant’s stock tumbled as investors expressed concerns over the company’s ability to meet its ambitious growth targets.
In the third quarter of this year, Tesla delivered a total of 220,500 vehicles, missing Wall Street’s estimates.
This disappointing performance raised doubts about the company’s ability to keep up with the soaring demand for its EVs, especially as competitors continue to enter the market. #featured
Is the housing market surge a bubble waiting to burst?
The housing market has witnessed a remarkable surge in home sales, driving property prices to unprecedented highs.
Despite the ongoing economic challenges, the real estate sector appears to be thriving, leaving experts and homeowners both astonished and hopeful.
Over the past year, the real estate landscape has been anything but predictable.
But the surge in demand has been met with a limited supply of available homes.
Builders have struggled to keep pace with the soaring demand, making the situation worse. #featured
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