India’s Adani and Ambani are now richer than Mark Zuckerberg

Losing it.
Losing it.
Image: REUTERS/Leah Millis/File Photo
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Indian billionaires Mukesh Ambani and Gautam Adani are now richer than Meta Platforms CEO Mark Zuckerberg.

On Feb. 3, Zuckerberg lost $29 billion in net worth as the company’s stock witnessed a record decline of at least 26%, eroding over $200 billion. This followed the company reporting, in the last quarter of 2021, its first-ever fall in Facebook users. This was the steepest single-day decline in the market value of a US-based firm so far.

The fall has made Zuckerberg the world’s 12th richest man, according to Forbes. His total net worth now stands at $84.8 billion, lower than Ambani’s $89.5 billion and Adani’s $90.5 billion respectively.

Rich are getting richer

A change in the net worth of billionaire Jeff Bezos is also expected after Amazon reported massive earnings. Bezos is expected to add around $20 billion to his net worth. His new net worth will come on the heels of Amazon’s profit surge over investments in electric vehicle company Rivian.

Last year Bezos’s wealth rose 57% to $177 billion mainly due to Amazon’s boom during the Covid-19 outbreak. The pandemic has made more consumers migrate to online shopping.

Meanwhile, in India, it was reported that India’s richest more than doubled their fortunes—while the poverty has worsened—amid the covid-19 spread.

India added 40 billionaires to its list of 142 in 2021, having almost $720 billion in combined fortune, more than the poorest 40% of the population, according to the Oxfam Davos report of 2022.