Published: July 14, 2020 3:16:37 pm
India’s richest man Mukesh Ambani surged past Silicon Valley tech titan Elon Musk as well as Alphabet Inc. co-founders Sergey Brin and Larry Page to become the world’s sixth-richest person.
The chairman of Reliance Industries Ltd., whose wealth surpassed Warren Buffett’s last week, is now worth $72.4 billion, according to the Bloomberg Billionaires Index. Shares of the conglomerate have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc., Silver Lake, and, most recently, Qualcomm Inc.
Ambani’s energy empire is slowly shifting to e-commerce, with tech giants seeking to take a piece of India’s fast-growing digital business. The world’s second-most-populous nation has seen a spike of foreign interest in its economy, especially from Silicon Valley, and Google said on Monday it will spend $10 billion in the coming years to help accelerate the adoption of digital technologies in the country.
After a drop in U.S. tech shares on Monday, Page’s fortune now stands at $71.6 billion, while Brin’s is at $69.4 billion and Tesla Inc.’s Musk is worth $68.6 billion. Buffett’s net worth dropped last week after he gave away $2.9 billion to charity.
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