Mukesh Ambani now Fourth-Richest Person in the World
Mukesh Ambani, the Chairman of Reliance Industries, has become the fourth wealthiest person in the world after overtaking the wealthiest European placed at the 4th position as of now. Ambani is now worth $ 80.6 billion after adding $22 billion in 2020. The report has been published by the Bloomberg Billionaires Index.
Who was the Fourth Wealthiest Person previously?
Now Ambani has surpassed France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE suffered disruption due to the reducing customer base due to the COVID 19 pandemic situation and also the slow level of cost-cutting by the company. Now, Mukesh Ambani had already surpassed some of the biggest tycoons recently such as Silicon Valley icons such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page as well as Warren Buffett.
New Strategy by Reliance Industries
Reliance Industries is now shifting focus from the conventional businesses to the e-commerce segment as that is the future of the world. Reliance is now seeking the majority share in the growing digital market of the country along with other tech giants such as Google and Facebook. Reliance Jio has already attracted investments from tech giants Google, Facebook, Amazon, etc.
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Month: Current Affairs - August, 2020