Ambani Joins Bezos, Musk in World’s Exclusive $100 Billion Club

Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.
The chairman of India’s Reliance Industries Ltd. entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.
Mukesh Ambani and his wife Nita Ambani in Mumbai in 2019.

Since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Ambani, 64, has been seeking to transform the energy giant into a retail, technology, and e-commerce titan. His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about $27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.

[SIZE=5]Exclusive Club[/SIZE]
Ambani has entered the elite club of individuals who hold fortunes in excess of $100 billion at #11.
Among the 11 men in the $100 billion club are well-known names including Warren Buffet, Mark Zuckerberg, Jeff Bezos, and Elon Musk.
Elon Musk is at the top spot at $222.1 billion with Bezos in second at $190.8 billion.


Mukesh Ambani, from left, Jeff Bezos, and Elon Musk

Source: Bloomberg

Ambani unveiled an ambitious push into green energy in June, with a planned investment of about $10 billion over three years. And last month, the mogul said his company would “aggressively” pursue production of cheaper green hydrogen. The plan aligns with Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer.

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While Ambani’s announcement has been viewed by some as an acknowledgment that his group needs to look beyond oil to cement its future, fossil fuel still plays a central role at Reliance, accounting for almost 60% of its $73 billion in annual revenue. The oil-to-chemicals business is now a separate unit, and talks are underway to get Saudi Arabian Oil Co. as an investor.

“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”

The story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas station attendant in Yemen, began building his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil, 62, which was eventually settled by the siblings’ mother, Kokilaben, in 2005.
Under the truce agreement, Mukesh got control of the flagship oil refining and petrochemicals businesses, while his younger brother got newer areas such as power generation, financial services, and telecommunications services. Anil – once a billionaire – told a London court last year that his net worth was “zero.”
India’s billionaires are some of the largest gainers on the world’s rich list, as Asia’s best-performing major stock market this year gets a boost from a surge in initial public offerings.
Gautam Adani, the founder of coal-power and renewable energy conglomerate Adani Group, has added $39.5 billion to his fortune this year, while the country’s third-richest person, technology tycoon Azim Premji, saw his wealth grow by $12.8 billion.

— With assistance by P R Sanjai, and Tom Maloney

Angekua anatumia Mbaruya na Kamba labour angepita akina Bezos na Musk. He would dramatically cut costs.

The contrast in the two brothers’ fortunes is staggering. They both inherited billions of dollars of assets when their father died. The older one is now a centibillionaire while the younger appears to be hopelessly bankrupt with less than $1 billion to his name. How does one piss away a $42 billion fortune jameni?

Women. Alcohol. Unnecessary luxuries. Unnecessary spending.

Hehehe. Baruhya na Kambodia workers are loyalist and fucking snitches.