On Wednesday, Mr. Ambani’s fortune rose to $49.2 billion, a spike of almost $4.7 billion, after Facebook announced that it’d be buying a 10 % stake in Reliance Jio.
Mumbai| Mukesh Ambani has again become Asia’s richest person after a deal with Mark Zuckerberg’s Facebook. Ambani’s stock saw an unprecedented surge after the Facebook-Jio deal.
On Wednesday, Mr. Ambani’s fortune rose to $49.2 billion, a spike of almost $4.7 billion, after Facebook announced that it’d be buying a 10 % stake in Reliance Jio. Reliance industries also gained a surge of 10%. According to the Bloomberg Billionaires Index, the jump on Wednesday put Ambani $3.2 billion ahead of China’s Jack Ma.
Facebook Inc. will be investing $5.7 billion in Reliance’s subsidiary Jio, in the biggest deal by the social media giant after the 2014 WhatsApp deal. The US-based company will buy 10% of Jio platforms, which brings together digital apps and wireless services under the same umbrella, the Mumbai based company announced on Wednesday.
“At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India. WhatsApp, in particular, has entered our people’s daily vocabulary in all the 23 official languages of India,” Ambani said in a video posted on Jio’s Facebook page. He also said that Facebook’s brands have become household names in India.
India, with its half-billion interested users, is one of the biggest markets in South Asia for technology companies such as including Amazon.com Inc., Apple Inc., Microsoft Corp., and Alphabet Inc.’s Google.
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