Mukesh Ambani becomes the World's 10th Richest Person

Worth mentioning is that Mukesh Ambani is the only Asian to make his place in the list of top 10 billionaires across the world.

• During the Reliance Annual General Meeting, the stocks of the company fell by over 6%, making Ambani lose over $2.5 billion in wealth.
• Ambani with a total wealth of $69 billion, has fallen behind Warren Buffet, Larry Page, Elon Musk, Sergey Brin all of whom he had beaten just in the last few days. 
• During the AGM, Ambani also spoke about the delay in the deal with Saudi Aramco, which could have triggered the fall in stocks.

With a net worth USD $72.4 billion, Reliance Industries Ltd Chairman Mukesh Ambani has became the world's sixth richest person, surpassing Alphabet co-founder Larry Page on 13th July, 2020. Ambani's real-time net worth rose by $2.17 billion to $72.4 billion on Monday. It is to be noted that earlier this month, the RIL chairman Ambani made his place in the top 10 billionaires list by dislodging Warren Buffett, known as the Oracle of Omaha from the eighth position.

                                 

Recently, Mukesh Ambani’s RIL received massive investments from selling equity stakes in the group’s digital services unit Jio Platforms. RIL has sold equity stake worth Rs 1.18 lakh crore to 12 global investors including Facebook, Abu Dhabi Investment Authority, KKR, General Atlantic, Intel, Qualcomm, and others. These investments, along with Rs 53,124 crore raised through a rights issue, have helped RIL to become a net debt-free company much ahead of the self-imposed deadline.

RIL has been supported by the energy flank for a long time; however, the firm is gradually breaking free from oil-price fortunes. The string of deals with Facebook Inc and other Silicon Valley players this year have propelled Reliance into the e-commerce and technology space. With the huge investment in the telecom wing Jio, RIL’s stock has more than doubled from Rs 875 per share on March 23 to more than Rs 1900 a share now.

Mukesh Ambani loses over $2 billion and drops down four places in the billionaires list⁠ — that’s how important the RIL-Aramco deal is

                            

Reliance Chairman Mukesh Ambani was having a dream run at the stock market which resulted in him rising fast to the sixth rank in the Bloomberg Billionaires Index. But during the Reliance Annual General Meeting, the stocks of the company fell by over 6%, making Ambani lose over $2.5 billion in wealth, dropping down four places to the 10th spot in the billionaires list. 

Ambani with a total wealth of $69 billion, has fallen behind Warren Buffet, Larry Page, Elon Musk, Sergey Brin all of whom he had beaten just in the last few days. 

                        

The fall in stocks came despite the fact that Reliance Jio got a $4.5 billion investment from Google, in the last of its investments for Jio Platforms.