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The short-seller who exposed fraud at Nikola is now targeting a conglomerate owned by the 4th richest person in the world

Added 01-25-23 12:14:09pm EST - “Following the release of Hindenburg's report early Wednesday morning, Adani Group companies lost a combined $12 billion in market value.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “The short-seller who exposed fraud at Nikola is now targeting a conglomerate owned by the 4th richest person in the world”. Below is an excerpt from the article.

Hindenburg Research rose to prominence when it exposed fraud at Nikola Motors in 2020, which ultimately led to the downfall of its founder, Trevor Milton, and a more than 90% decline in Nikola's stock price.

Now, the short-selling outfit has turned its attention to Gautam Adani, the world's fourth-richest person and founder and chairman of Adani Group, an India-based conglomerate that owns everything from cement businesses to media companies. 

After a two-year investigation, Hindenburg alleged in a report on Wednesday that the Adani Group operates a web of shell companies that engage in market manipulation and accounting fraud.

Those practices are what helped catapult Adani from a rather-unknown businessman outside of India to the world's fourth richest person in just three years, according to Hindenburg.

According to the Bloomberg Billionaires Index, Adani is worth $118.9 billion, just behind Jeff Bezos wealth of $119.6 billion as of Wednesday morning. At the start of 2020, Adani had a net worth of just $10 billion, according to Bloomberg.

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