Asia’s richest man title has again been claimed by Jack Ma. The crown was relinquished by Ambani as the stock market collapsed and oil prices dropped due to the scare of coronavirus Covid-19.
The title of Asia’s richest man was previously held by Jack Ma but he lost the title to Ambani in the mid of 2018 and became the second richest man of Asia.
This time Jack Ma dethroned Ambani as Mukesh Ambani who is the MD of Reliance Industries and also is an Indian energy tycoon lost 5.8 billion dollars due to a drop in oil prices as a result of Coronavirus.
Jack Ma, the co-founder of Alibaba Group is back on the top of the list. According to Bloomberg Billionaires Index. Jack Ma the richest person in China has a net of 44.5 billion dollars’ fortune, about 2.6 billion dollars more than Mukesh Ambani whose net worth is about 42.2 billion dollars.
Jack Ma, the founder of Alibaba Group Holding Ltd has his hands in multiple businesses and sectors. Ambani’s main loss stemmed from a decline of 31 percent in crude oil prices. Thus, Jack Ma dethroned Ambani as Asia’s richest man.
Saudi Arabia and Russia vowed to pump more and more oil to gain market shares. This struggle to gain more market shares coupled with the decline in the demand for oil was a setback for the reliance industries MD Mukesh Ambani. Oil prices have hit an all-time low of the past 29 years.
Jack Ma, on the other hand, had some of the tech giant Alibaba’s businesses curtailed by the novel coronavirus Covid – 19. The novel virus Covid – 19 pandemics had hit manufacturing and supply chains of Ali Baba e-commerce business but most of the damage was mitigated by the increased demand of Ali baba’s cloud computing services and mobile app.
Reliance Industries stock prices dropped nearly 12 percent due to the panic of coronavirus and a 25 percent drop in the oil prices globally. Ambani’s plan to cut net debt to zero by early 2021 of Reliance Industries seems questionable as Mukesh Ambani pledged.
Reliance Industries is now focusing on digital services and has an array of digital services under the Jio platforms Ltd.
The managing partner of Mukesh Ambani at Ecube Investment Advisors in Bengaluru Harvish H.V. said that Ambani, 62, will soon bounce back from the setback as the game is not over yet. The business model build by Ambani is robust and would keep him in the game. The investments being made in the telecom business will start yielding results in the years to come.
[box type=”note” align=”” class=”” width=”100%”]Also Read
Confirmed Cases of coronavirus ‘COVID-19’ infections has risen to 19 in Pakistan
[/box]