Indian billionaire Mukesh Ambani is now the world’s fourth-richest person. He is now worth $80.6 billion, more than Europe’s wealthiest man Bernard Arnault, reported Bloomberg.
The Reliance India Ltd chairman overtook Arnault of France after amassing $22 billion this year. Arnault’s LVMH Moet Hennessy Louis Vuitton SE suffered sales drop as the company struggled to cut costs amid the ongoing pandemic. His net worth his year fell $25.1 billion to $80.2 billion.
Ambani had recently surged past SpaceX CEO Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page.
Reliance’s digital unit recently raised billions from global tech investors by selling shares and through rights issue. The conglomerate’s shares have now more than doubled following investments from Facebook Inc. and Google, said the report.
Reliance had last month said Jio has developed a Made-in-India 5G solution that can be ready for field deployment next year, and has teamed up with Google for developing affordable smartphones.
Ambani also said Google will pick up 7.7 per cent stake in Jio Platforms, the digital services subsidiary of the Reliance Industries. Prior to that, Qualcomm Ventures had picked up 0.15 per cent stake in Jio Platforms.