Indian Billionaire Gautam Adani just lost $26 billion dollars in just 3 days. This massive drop happened due to a famous short-seller, Hindenburg Research, betting on Adani’s company’s stock to drop. Their reasoning for this was “We have uncovered evidence of brazen accounting fraud, stock manipulation and money laundering at Adani, taking place over the course of decades,” and they also said “Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities.” Adani’s company has denied all of these accusations and threatened to use the legal process to defend itself.
Source: https://www.thestreet.com/investors/billionaire-gautam-adani-loses-26-billion-in-3-days
