The chairman of Reliance Industries Ltd., Mukesh Ambani has eclipsed France’s Bernard Arnault, the wealthiest man in Europe making him the fourth most affluent man in the world. India’s richest person, Mukesh Ambani has outshined some noteworthy business tycoons already in the weeks that have passed by.
The tycoons so surpassed include some big shots of the Silicon Valley – Elon Musk (founder and CEO of SpaceX), Sergey Brin, and Larry Page (co-founders of Alphabet Inc.), and Warren Buffet.
Reliance Industries accrued $ 22 billion this year and as per Bloomberg Billionaires Index, now the worth of Mukesh Ambani is $ 80.6 billion.
While on the other hand, Bernard Arnault’s LVMH Moet Hennessy Louis Vuitton SE suffered losses since the company couldn’t cut down on its cost at the same rate the customers curbed their high-end fashion purchases.
As per Bloomberg Arnault’s net worth took a dive to $80.2 billion from $25.1 billion.
The energy empire witnessed a dip when the demand for oil during COVID-19 lockdowns decreased. Ambani however has been focusing on e-commerce lately since India’s digital business is growing fast alluring tech giants seeking to benefit from it. Last month Google said that in the coming years it will spend $ 10 billion to speed up the process of taking up digital technologies in India.
Reliance’s digital unit received investment from companies inclusive of Facebook Inc and Google in billions propelling its shares. The shares have upped twice their value in March since seeing the low.
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