Gautam Adani is no longer the world’s fourth richest person as his conglomerate’s publicly-listed stocks suffer two consecutive sessions of heavy losses.

Adani is now behind Microsoft co-founder Bill Gates, veteran investor Warren Buffett and Oracle Corp. co-founder Larry Ellison on the Bloomberg Billionaires Index of the world’s richest people, with a net worth of $92.7 billion.

Gates, who no longer play an active role at Microsoft, has a net worth of $112 billion , while 92-year-old Berkshire Hathaway Chairman Warren Buffett is estimated to be worth $108 billion by Bloomberg.

Adani had briefly left behind Amazon co-founder Jeff Bezos in late 2022 as shares of his companies grew leaps and bounds over a course of about three years. On Friday, his wealth plunged by over $20 billion.

See Also: Adani Enterprises FPO Opens Amid Short-Seller-Related Bloodbath At Share Market

Adani Group’s publicly-listed companies nosedived at the bourses in two consecutive trading sessions this week after New York-based Hindenburg Research announced it had taken a short position in the conglomerate.

The activist short seller laid scathing allegations of financial malpractices, including existence of several Adani offshore shell companies and raised concerns over high debt, overleverage and appointment of Gautam Adani’s close family members — who purportedly have regulatory probe open against them — to top positions within the group.

Adani has contested the allegations, dubbing the report “unresearched” and “shocking.” The group published a rebuttal report of its own and has threatened legal action against the activist short seller in both the United States and India.

Hindenburg has said it welcomes any legal action from Adani Group as any such case would be devoid of merit.

Read Next: Retail Traders Aged Below 40 Suffer Heavy Losses Trading Futures, Options: SEBI Study