RICHEST MAN IN ASIA
April 25, 2020
MUKESH AMBANI EXPOSED
Mukesh Ambani, the chairman of Reliance Industries , has again become Asia's richest person, following a deal between Jio and Facebook.
Facebook acquired a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), a deal that was announced on April 22.
On Wednesday, Mark Zuckerberg-led Facebook announced that it would pump in Rs 43,574 crore in Mukesh Ambani-led Jio Platforms Limited. The investment would translate to the social media giant holding 9.99 per cent equity stake in Reliance Jio Platforms. Facebook said that it would focus on collaborating its messaging platform WhatsApp with Reliance Jio's e-commerce venture JioMart and help people connect with small businesses.
The ranking that changes after the close of every trading day in the US puts Ambani $3.2 billion ahead of Jack Ma's $46 billion. Before the deal, Ambani's fortunes had seen a decline of $14 billion on the index in 2020.
Ambani's wealth rose by $4.7 billion following the news, taking his net worth to 49.2 billion, according to the Bloomberg Billionaires Index. This places him ahead of Chinese billionaire Jack Ma.
According to the real-time ranking, Ambani is the 17th richest person in the world.The transaction was Facebook's biggest bet since it acquired WhatsApp in 2014 and also its largest investment in India.Jio Platforms, Reliance Retail and Facebook's WhatsApp service have also entered into a commercial partnership agreement.
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