Gautam Adani‘s Firms lose $110 billion in value in under two weeks - Here is what happened

Then Hindenburg Research, an American short seller with bets against Adani’s companies, accused him of pulling off “the largest con in corporate history.”

Less than two weeks ago, Gautam Adani was the fourth-richest person in the world. With a personal fortune estimated at $120 billion, the self-made Indian industrialist was wealthier than either Bill Gates or Warren Buffet.

Adani’s firms have lost $110 billion in value since the accusations landed, and his own wealth has been halved to little more than $61 billion as investors pull their support.

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Adani’s business partners and lenders are clarifying their ties to the conglomerate, while India’s federal government is reportedly launching an investigation of his business after an outcry by opposition lawmakers.

Here’s what you need to know.

By Julia Horowitz, for CNN