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Mukesh Ambani Now Richer Than Elon Musk, Google Founders

By Staff

Mukesh Ambani's wealth has now surged past that of tech titan Elon Musk and well as co-founders of Google- Sergey Brin and Larry Page. The chairman and MD of Reliance Industries Limited (RIL) is now the sixth richest person in the world after shares of his company touched a new all-time high of Rs 1,947.70 on Monday.

Last week, Ambani's wealth surpassed that of Warren Buffett and is now worth $72.4 billion, according to the Bloomberg Billionaires Index.

Mukesh Ambani Now Richer Than Elon Musk, Google Founders

Shares of his oil-to-telecom conglomerate have more than doubled from its 52-week low seen in March as Jio Platforms, its digital arm, received investments worth billions from 13 foreign investors in 12 weeks time.

Since 22 April 2020, Jio Platforms has raised a combined value of Rs 118,318.45 crore from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Saudi Arabia's PIF, Intel, and, most recently, Qualcomm Inc.

These investors have now acquired a little over 25 percent stake in Jio Platforms through their investments with Facebook Inc purchasing the biggest chunk of 9.9 percent.

Foreign investors are taking interest in the world's second-most populous country for its huge growth potential for internet users. Ambani's Reliance Jio has been able to quickly establish a large subscriber base for its telecom business, helping RIL shift slowly from oil-based revenue to retailing.

On Monday, Google announced that it will be spending $10 billion in the coming 5 to 7 years to help digitalise India.

Story first published: Tuesday, July 14, 2020, 13:22 [IST]
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