22nd April 2020 would go down as a landmark day in the history of Indian Capital Markets. On this day, Mark Zuckerberg owned Facebook’s decision to invest Rs. 43,574 crore in Mukesh Ambani-led Reliance Jio Platforms was announced.
On basis of this announcement, the share prices of Reliance Industries surged and closed nearly 9% above the previous day’s close.
The surge in Reliance Industries’ share price and revised valuation of Reliance Jio Platforms resulted in an increase of Mukesh Ambani’s net worth by $4.69 billion to $49.2 billion.
That put him ahead of Alibaba founder Jack Ma, whose net worth stands at $46 billion.
As most of you must be aware, year 2020 had not been very good for Mukesh Ambani till 22nd April 2020. Huge drop in international crude oil prices (on account of lockdowns across the world due to coronavirus) had severely pushed down the share price of Reliance Industries.
Mukesh Ambani’s net worth had been eroded nearly to the tune of $14 billion from the peak and thus lost his title of ‘Asia’s Richest Man’ to Jack Ma.
But, with markets receiving the Facebook-Reliance Jio deal in a positive way, Mukesh Ambani has managed to at least earn back the title of ‘Asia’ Richest Man’. Talking about the Facebook-Reliance Jio deal, Facebook will be investing Rs. 43,574 crore in Reliance Jio Platforms and will in turn get 9.99% stake in the firm.
Facebook’s vision is to collaborate its messaging platform WhatsApp with Reliance Jio’s e-commerce venture JioMart. It is to be noted that this deal is the largest ever foreign direct investment for a minority stake in a company in India.
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