Gautam Adani's business loses $50 billion in market value after short seller report - CNN

The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud.

But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible.

We have a long list of documents we would demand in a legal discovery process,” the short seller said in a post on Twitter.

Hindenburg isn’t the first research firm to express concern about the finances of Adani’s sprawling empire, which has borrowed $30 billion to become established in industries ranging from logistics to mining, and is aggressively growing in diverse sectors such as media, data centers, airports and cement.

Ackman weighed into the debate on Twitter Thursday, saying he found the Hindenburg investigation “highly credible and extremely well researched.”

A college dropout and a self-made industrialist, Adani is the world’s fourth richest man, ahead of Bill Gates and Warren Buffet.