As per the Bloomberg Billionaires Index (BBI), Reliance Industries Limited Chairman Mukesh Ambani has surpassed Google co-founders, Sergey Brin and Larry Page, to become the sixth richest in the world.
His current net worth is $72.4 billion and has surpassed Warren Buffet’s net worth as well, last week. He is the richest Indian and Asian and is now richer than Elon Musk too.
The Reliance conglomerate shares have more than doubled after a low in March. This can be attributed to the digital unit receiving billions in investments from companies like Facebook, Silver Lake, and most recently Qualcomm.
After the US tech sector witnessed a drop in its shares on Monday, Larry Page’s net worth is at $71.6 billion, Sergey Brin at $69.4 billion, and Elon Musk at $68.6 billion. Warren Buffet’s net worth dropped last week after he donated $2.9 billion to charity.
Reliance’s sharp rise in the e-commerce sector, following huge investments from the Silicon Valley
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Mukesh Ambani’s energy empire has slowly been entering the e-commerce business, with the tech companies also looking to expand in India’s expanding digital business. Most recently, India has witnessed a spike in foreign interest in its economy, especially from Silicon Valley. Google has also announced that it will spend around $10 billion in the near future to further accelerate the advancement of digital technologies in the country.
Ambani’s Jio Platforms which was launched in 2016 has raked in high profile investments from various multinational tech companies and institutional investors, with a total investment of $15.64 billion, for just over 25% of the company.
Also, Ambani has added around $7.9 billion to his fortune in just the last 22 days due to a sharp hike in Reliance shares.
RIL’s 43rd Annual General Meeting to be held virtually, amidst the ongoing coronavirus crisis
With the ongoing coronavirus crisis, RIL has announced to hold its 43rd Annual General Meeting (AGM) virtually, this week. Thousands of shareholders from various locations of India are expected to join the meeting.
As per reports, this AGM is expected to cover the recent launch of JioMeet, the company’s recently launched video conferencing app, RIL’s plans for Jio Platforms listing, Jio Fiber’s trajectory with the launch of 5G and further plans of Jio Mart, the e-commerce venture of Reliance Retail.