Mukesh Ambani surpasses Warren Buffet to become 8th richest in the world; Read valuation

According to Bloomberg Billionaires Index on Friday, Reliance Industries chairman Mukesh Ambani has surpassed business tycoon Warren Buffet's net wealth. This comes in wake of huge benefits for his digital business. w, Ambani is worth Rs.68.3 billion dollars in comparison to Berkshire Hathaway CEO's wealth worth Rs.67.9 billion dollars.

Shares of Ambani's companies have more than doubled after a brief lull in March after Facebook's huge investment in Jio Platforms. While Ambani became only Asian tycoon in world's top 10 richest people, Buffett's fortune plummeted after he gave away 2.9 billion dollars to charity. Moreover, Berkshire Hathaway's stock performance has been underwhelming in recent times. As per this index which commenced in 2012, Ambani and Buffet are 8th and 9th richest persons on planet respectively.

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'Largest investment for a mirity stake by a techlogy company'

Facebook h anunced  investment in Jio Platforms worth Rs.43,574 crore on April 22, changing dynamics in telecom sector. RIL remarked that investment is "largest investment for a mirity stake by a techlogy company anywhere in world and largest FDI in techlogy sector in India" and that it will accelerate "India’s all-round development, fulfilling needs of Indian people and Indian ecomy." RIL chairman Mukesh Ambani welcomed Facebook as a long-term partner in transforming digital ecosystem of India. He ded that synergy between Jio and Facebook would help achieve PM Modi's 'Digital India' Mission. On June 24, Competition Commission of India approved Facebook's new entity Jahu Holdings LLC's acquisition of a 9.99% stake in Jio Platforms. 

Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are refore humbled by opportunity to welcome Facebook as our long-term partner in continuing to grow and transform digital ecosystem of India for benefit of all Indians. synergy between Jio and Facebook will help realise Prime Minister Shri Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals- ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception. In post-Corona era, I am confident of India’s ecomic recovery and resurgence in shortest period of time. partnership will surely make an important contribution to this transformation.”

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