Mukesh Ambani becomes 6th richest person in the world
After a massive fund-raising spree of Jio Platforms, Indian business magnate Mukesh Ambani has become the sixth-richest person in the world. His wealth has surged significantly in the last few days, beating that of renowned billionaires like Tesla and SpaceX boss Elon Musk and stock legend Warren Buffett. Here's more about Ambani's latest milestone.
Wealth goes over $72 billion mark
Ambani, who is the Chairman and MD of oil-to-telecom conglomerate Reliance Industries, has made billions in the last few days, growing richer than ever. Earlier last week, his net worth was about $68.3 billion, but since then, there has been an addition of $4.1 billion, according to Bloomberg. This takes his total net worth to $72.4 billion, making him the sixth-richest in the world.
Jeff Bezos leads the table with $184 billion wealth
With the latest developments, Ambani is richer than Google co-founder Larry Page ($71.6 billion) and Sergey Brin ($69.4 billion), investment legend Warren Buffett ($69.7 billion), and Tesla, SpaceX boss Elon Musk ($68.6 billion). Meanwhile, ahead of him are Amazon boss Jeff Bezos ($184 billion), Microsoft co-founder Bill Gates ($115 billion), French billionaire Bernard Arnault ($94.5 billion), Facebook co-founder Mark Zuckerberg ($90.8 billion), and Steve Ballmer ($74.6 billion).
A significant rise from from the levels in March
While there is a long road ahead to reach the top, there is no denying that Ambani was quick to recover after losing $19 billion (or $300 million per day) over two months due to the COVID-19 pandemic. As of March 31, his net worth was estimated to be about $48 billion, much lower than what it is today.
What contributed to this growth?
The increase in Ambani's wealth comes in the wake of the fund-raising spree of Reliance Industries' telecom-to-digital venture Jio Platforms. The entity has raised more than $15.6 billion from a number of investors, including Facebook, Qualcomm, and Intel, in the recent months, making RIL debt-free much before promised and zooming the share price of the conglomerate by 25.8% since the beginning of this year.
Plus, RIL launched new ventures
In addition to the deals, which have made RIL debt-free, the surge in RIL's shares has also been spurred by Ambani's recent new ventures in grocery delivery and video conferencing.
