Headlines April 24, 2020
Facebook deal makes Mukesh Ambani Asia’s richest person
Indian industrialist Mukesh Ambani is Asia’s richest person after he struck a deal with Mark Zuckerberg‘s Facebook Inc. The deal has sent the stock of his conglomerate surging.
Ambani’s fortune rose by about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%.
Facebook Inc. will invest $5.7 billion and this is the U.S. social-networking giant’s biggest deal since the 2014 purchase of WhatsApp. Facebook is seeking a bigger foothold in India, which is its biggest global market. It will also buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella.
At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India. WhatsApp in particular, has entered our people’s daily vocabulary in all the 23 official languages of India. – Mukesh Ambani, Chairman, Reliance Industries Ltd
The partnership with Jio would allow Zuckerberg to step up his expansion in India.
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