Mukesh Ambani’s Wealth Surges After Facebook Deal, Topples Jack Ma To Become Asia’s Richest Person

Ambani’s wealth increased $4 billion to $49 billion as he moved ahead of China’s Jack Ma by around $3 billion

(File Photo/ Getty)

New Delhi: A day after Facebook’s announced $5.7 billion investment in Mukesh Ambani-led Reliance Jio Platforms, Ambani emerged as Asia’s richest person surpassing Alibaba’s Jack Ma. Ambani’s wealth increased $4 billion to $49 billion on Wednesday, as he raced ahead of China’s Jack Ma by about $3 billion at 11.20 am London time, according to Livemint report which quoted the Bloomberg Billionaires Index. The ranking in the index is updated after the close of each trading day in the US. However, on Tuesday, the wealth of Ambani dipped $14 billion, the biggest fall in dollar terms for anyone in Asia, while Alibaba Group Holding Ltd’s Ma also lost almost $1 billion, according to Bloomberg.

Ambani’s wealth increased $4 billion to $49 billion on Wednesday

Social media and tech giant Facebook has invested Rs 43,574 crore for a 9.99 per cent slice in Mukesh Ambani’s Reliance Industries Limited (RIL) led Jio Platforms - the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the Indian tech sector, according to a RIL statement on Wednesday. The deal had also seen RIL’s stock rising around 10% on Wednesday. “The US company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, " said RIL in the statement. Started in 2016, Reliance Jio became one of India’s largest mobile services company by subscriber base.  It is the only Indian telco that has its entire network built on 4G VoLTE, or voice over long-term evolution, technology whereas others have a blend of 2G, 3G and 4G technologies. “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," Ambani said in a web video posted on Jio’s Facebook page. “WhatsApp in particular, has entered our people’s daily vocabulary in all the 23 official languages of India," he said. The partnership with Jio will allow Facebook to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people use smartphones, especially as Jio Infocomm has managed to widen its user base in a limited time by offering free plans and undercutting wireless market rivals. Also Watch:Facebook-Reliance Deal To Open Door For Small Businesses