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According to the latest research from the Bloomberg Billionaires Index, Mukesh Ambani is now among the richest people in the World. Ambani overtook Larry Ellison, Owner of Oracle Corporation and Francoise Bettencourt Meyers, Owner of L’Oréal who is the wealthiest woman on the plant.
What is the reason for the increase in Mukesh Ambani’s wealth despite the impact of COVID19?
During the lockdown, everyone is aware of his actions that led to an increase in his wealth. The main reason for this increase is the investment from major corporations in Jio Platforms Ltd. Ambani’s goal was to make Jio net-debt free by March 2021.
However, he achieved this goal before a year to go! Ambani owns the major stake in Jio with 42%. It is quite noteworthy that recently Jio received investment from Facebook, Silver Lake, Vista Equity, KKR, and General Atlantic. All these companies collectively invested $15.2 billion in Jio Digital.
Perhaps, this is the main reason why the shares of Jio are almost double, than what they were in March. While India is going through one of the worst recessions, growth of Ambani is signaling something!
Due to this wide gap between the rich and the poor, there is an imbalance in the economy. Maybe rich people can come forward and do something, that can reduce this gap. To make India, a more happy place to live!
Engineer, Poet, Social Worker, Author, Marketer by Profession! A proud son of Mother India.