The world’s wealthiest individuals experienced substantial gains in the first half of 2023, with Elon Musk emerging as the top gainer and Gautam Adani facing significant losses.
The 500 richest people on the Bloomberg Billionaires Index globally collectively added $852 billion to their fortunes during this period, according to data compiled by Bloomberg.
Read More: Bakra Eid market holiday: NSE, BSE to remain shut on Wednesday
The billionaires on the index enjoyed an average daily increase of $14 million each, marking the most prosperous half-year for this elite group since the latter half of 2020 when the global economy rebounded from the impact of the Covid-19 pandemic.
These impressive gains coincided with a robust stock market rally, as investors shrugged off concerns such as central bank interest rate hikes, geopolitical tensions in Ukraine, and challenges faced by regional banks.
The S&P 500 surged 16 per cent, and the Nasdaq 100 recorded its best-ever first half, surging 39 per cent, fueled by investor enthusiasm for artificial intelligence and the consequent boost in tech stocks.
Elon Musk, the CEO of Tesla Inc. and currently the world’s richest person, witnessed a staggering increase of $96.6 billion in his net worth from January to June 2023. Musk’s good run continued in July as Tesla shares climbed 6.9 per cent on Monday, adding $13 billion more to his total net worth. As of today, his net worth stands at $247 billion.
Read More: Cyient DLM IPO to hit the Street today; here’s what Anil Singhvi recommends
Meanwhile, Meta Platforms Inc. CEO Mark Zuckerberg gained $58.9 billion during the same period.
However, not all billionaires experienced positive outcomes. Gautam Adani, the chairman of the Adani Group, suffered the most significant loss during the six-month period, with his net worth plummeting by $60.2 billion. His net worth stood at $60.3 billion as of today, making him the 21st richest person in the world.
Adani faced a major setback on January 27 when US short-seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation, leading to a one-day loss of approximately $20.8 billion. Adani firmly denies these allegations.
Hindenburg Research also impacted the net worth of billionaire Carl Icahn. Following Hindenburg’s disclosure of shorting shares of Icahn Enterprises LP, citing overvaluation relative to its holdings, the stock experienced its most substantial one-day drop.
Read More: Stocks to Watch: TCS, Zee Ent, Airtel, Lupin, Sapphire Foods, SBI Life, and Others
As a result, Icahn’s net worth suffered a significant decline of $13.4 billion, representing a 57 per cent decrease, the largest percentage drop among all members of the Bloomberg Billionaires Index during the period.
