BH CORRESPONDENT, Mumbai: On March 9, global stock markets went into a panic mode due to mounting fears that the novel coronavirus will thrust the world into a recession. In the shedding process, it has erased $5.8 billion from Mukesh Ambani’s net worth which demoted in the Asian billionaires index. China-based Alibaba’s Jack Ma took over the top spot, according to Bloomberg Billionaires Index.
But as they say in the corporate world a deal makes or breaks an entity. And in this case Mukesh Ambani’s $5.7 billion landmark deal with Mark Zuckerberg’s Facebook Inc has brought back Lady Luck. The confirmation of the deal sent Reliance Group’s stock surging once again.
As a result, Ambani’s fortune grew about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10% in the stock market.
The jump put Ambani about $3.2 billion ahead of China’s Jack Ma, according to the Bloomberg Billionaires Index and also gave Mukesh Ambani the top spot.
The Facebook deal with Reliance is its biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in the world’s biggest global market.