Mukesh Dhirubhai Ambani now becomes the Fourth wealthiest Person in the World.

Mukesh Dhirubhai Ambani now becomes the Fourth wealthiest Person in the World.

August 10, 2020.

Mukesh Dhirubhai Ambani now becomes the Fourth wealthiest Person in the World. He surpassed the wealthiest person of Europe, Mr. Bernard Arnault, placed at the 4th position as of now. Ambani now becomes the fourth-richest person in the World. Reliance chairman has a net worth of $ 80.6 billion and lagging behind only Jeff Bezos ($187 billion), Bill Gates ($121 billion), and Mark Zuckerberg ($102 billion) on the Bloomberg Billionaires Index. Ambani added $22 billion to his fortune since the start of the year and is among the biggest wealth gainers of 2020. The report has been published by the Bloomberg Billionaires Index.

Now Ambani has overtaken France’s, Bernard Arnault. His LVMH Moet Hennessy Louis Vuitton SE suffered from the COVID 19 epidemic situation. Customers are reducing due to the pandemic and the company is also affected due to the slow level of cost-cutting. Reliance industries chairman had already overtaken some of the other biggest moguls recently such as Silicon Valley icons and Elon Musk. He had also surpassed some other billionaires such as Alphabet Inc. co-founders Sergey Brin and Larry Page as well as Warren Buffett.

His amazing success is the result of Reliance’s huge stock gains. It is because of a $20 billion foreign fund investment in its digital divisions such as JIO Platforms. It has rights issues also for the parent company of Rs 53,100 crore. The stock has increased to 20 % this year. The lack of certainty in Reliance’s oil and petrochemicals businesses have been neutralized by tailwinds in its internet and retail divisions. The profit in Jio internet has surpassed $65 billion. Moreover, Reliance Retail has come out as the biggest challenger to Amazon India and Flipkart.

Today is the World of changing. The trend of the E-commerce segment is coming very fast. That’s why Reliance Industries is now shifting focus from conventional businesses to the e-commerce segment. Ambani wants the majority of his share in the flourishing digital market of the nation along with other technology giants such as Facebook and Google. The tech giants such as Facebook, Google, Amazon, etc. are already attracting toward Reliance Jio.

Reports are in the national market that Reliance Retail is interested in buying Kishore Biyani’s Future Retail. This would be the biggest deal of near about 25,000 crores or above. If this deal would be finalized than Future Retail’s food and fashion businesses along with supply chain divisions could be absorbed by Reliance, and it would give it an additional footprint of 1,700 stores all over the nation. Analysts reckon that the retail merger will enhance JioMart’s operations. A new service that was launched earlier this year was online grocery service and it is providing grocery to 200 sites across the country. JioMart is now trying to move on the footprints of Flipkart Grocery, Swiggy Stores, Bigbasket, Grofers, Amazon Pantry, and others.

Mukesh Dhirubhai Ambani now becomes the Fourth wealthiest Person in the World.

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