For a brief while this afternoon, Gautam Adani held the third-richest position in the world when his net worth increased to $150.6 billion according to Forbes' Real-Time billionaire rankings.
Adani overtook Jeff Bezos, the founder and chairman of Amazon, whose net worth plunged by about $10 billion to $150.2 billion after the company's shares fell 7% in New York overnight.
Because the gap between the two net worths has shrunk so much, it appears likely that their rankings may shift once again soon.
With a net worth of $265.6 billion, Elon Musk is still the richest person in the world, followed by French fashion magnate Bernard Arnault ($165.3 billion), who is in second place.
Since last year, Adani's wealth has virtually tripled as the value of his companies' shares have increased due to their rapid expansion and rising energy costs.
The infrastructure tycoon holds shares in six of his name-brand publicly traded businesses that engage in the production of power, green energy, gas, ports, and other things.
In February of this year, Adani passed fellow Indian billionaire Mukesh Ambani, whose $90.1 net worth currently ranks him at No. 8, to become the wealthiest person in Asia.
As a result of Amazon's shares being under pressure from sluggish revenue growth, increased costs, and rising interest rates, Bezos' net worth has decreased 20% since April.
Amazon saw a net loss of $5.8 million in the first half of 2022 as opposed to a net profit of $15.8 million during the same time in 2021. While its revenue climbed from $221.6 million to $237.7 million, or 7.2%, year over year.