Mukesh Ambani's net worth drops to $78.8 billion, now 6th richest person on earth - watsupptoday.com
Mukesh Ambani's net worth drops to $78.8 billion, now 6th richest person on earth
Posted 18 Aug 2020 12:34 PM

Image Source: TIMES NOW

Mukesh Ambani, chairman and managing director of Reliance Industries, has slipped two places to become the sixth-richest person on the earth as his net worth dropped to $78.3 billion after shares prices of RIL, his flagship company, fell over the last few days. Meanwhile, the net worth of Tesla chairman Elon Musk and Bernard Arnault, rose amid the rally on Wall Street making them the fourth and fifth richest person respectively as per Bloomberg Billionaires Index. Earlier this month, the RIL boss surpassed Bernard Arnault, chairman and CEO, LVMH Moet Hennessy Louis Vuitton to become the world fourth-richest person after his net worth swelled to $80.2 billion (Rs 6.04 lakh crore). Arnault's net worth, on the other hand, went down by $1.24 billion to $80.2 billion (Rs 6.01 lakh crore) taking him down a notch to number five position. The recent fall in Ambani's net worth was because of the profit-booking seen in RIL shares over the last three days. Worth mentioning here is that RIL shares have rallied over 140% since touching a fresh 52-week low of Rs 867.43 in the month of March. The rally in RIL shares has pushed Mukesh Ambani's ranking on the Bloomberg Billionaire Index, by 10 places since January. He has added over $22 billion dollars to his net worth during this period. Since April this year, the oil-telecom-retail giant has raised over Rs 1.5 lakh crore from strategic investors like Google and Facebook and multiple marquee investors by selling 33% stake in its digital unit Jio Platforms, which is the holding company of Reliance Jio Infocom, the telecom unit of RIL. Mukesh Ambani has set a record by raising such a huge amount amid the pandemic. This has led to increased investors' confidence in the company, say, analysts. Mukesh Ambani, 63, is the only Asian in the elite list of the top 10 richest people in the world. While eight of them hail from the United States, Bernard Arnault, is from France. Jezz Bezos, founder and CEO of Amazon, continues to occupy the top spot, with a net worth of $190 billion, while Bill Gates, founder of Microsoft ranked second with a net worth of $114 billion. As of 10:15 am, RIL shares traded 1.51% higher at Rs 2,122.95 apiece after touching an intraday high of Rs 2,134.30. RIL shares closed at Rs 2,091.35 apiece on Monday.

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