Gautam Adani, Elon Musk lose over ₹2 lakh cr in a day; here's why

Billionaires Gautam Adani and Elon Musk have lost nearly $25 billion in a day after the shares of their companies crashed on the stock markets.

Musk lost nearly $15.5 million i.e. Rs 1.26 lakh crore after his automotive company, Tesla's, shares recorded a steep decline of 8.6 per cent, the lowest single-day decline in four months. News agency Reuters reported that the fall in Tesla's shares depleted $71 billion in the market value of the carmaker.

On the other hand, the Index report stated that Gautam Adani's entities, including Adani Power, Adani Wilmar, Adani Enterprises, Adani Ports, Adani Green and Adani Total Gas, crashed on the stock market. The rapid fall in share prices led to an enormous loss for the business tycoon. The 60-year-old businessman lost nearly $9.67 billion i.e. Rs 78,913 crore.

It may be noted that, despite these major losses, Musk continues to be the richest man in the world. At present, Adani is the fourth wealthiest person in the world after Amazon founder Jeff Bezos and Bernard Arnault, the Louis Vuitton chairman.