Published 21:09 IST, July 10th 2020
Mukesh Ambani surpasses Warren Buffet to become 8th richest in the world; Read valuation
Reliance Industries chairman Mukesh Ambani has surpassed business tycoon Warren Buffet's net wealth. He is the 8th richest person on the planet currently.
According to the Bloomberg Billionaires Index on Friday, Reliance Industries chairman Mukesh Ambani has surpassed business tycoon Warren Buffet's net wealth. This comes in the wake of huge benefits for his digital business. Now, Ambani is worth Rs.68.3 billion dollars in comparison to the 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 the only Asian tycoon in the 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 the 8th and 9th richest persons on the planet respectively.
'Largest investment for a minority stake by a technology company'
Facebook had announced the investment in Jio Platforms worth Rs.43,574 crore on April 22, changing the dynamics in the telecom sector. The RIL remarked that the investment is the "largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India" and that it will accelerate "India’s all-round development, fulfilling the needs of Indian people and the Indian economy." RIL chairman Mukesh Ambani welcomed Facebook as a long-term partner in transforming the digital ecosystem of India. He added that the synergy between Jio and Facebook would help achieve PM Modi's 'Digital India' Mission. On June 24, the Competition Commission of India approved Facebook's new entity Jaadhu Holdings LLC's acquisition of a 9.99% stake in Jio Platforms.
Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians. The 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 the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.”
Updated 21:09 IST, July 10th 2020