Mukesh Ambani re-enters the USD 100 billion club as Elon Musk's wealth drops USD 4.06 billion, while Mark Zuckerberg gains....
Elon Musk and Mukesh Ambani I Source: X
India’s richest man and Reliance Industries Chairman, Mukesh Ambani, has rejoined the prestigious USD 100 billion net worth club, according to the Bloomberg Billionaires Index. Meanwhile, the world’s wealthiest individual, Elon Musk, experienced a significant drop in his wealth, losing over USD 4 billion on Tuesday. Meta CEO Mark Zuckerberg emerged as the biggest gainer of the day.
Elon Musk’s Setback
Elon Musk’s wealth declined by USD 4.06 billion (Rs 33,437 crore) on Tuesday, reducing his net worth to USD 349 billion (Rs 29.22 lakh crore). Despite this, Musk’s wealth has surged by USD 120 billion (Rs 10.05 lakh crore) in 2024, maintaining his position as the world’s richest man.
Mukesh Ambani’s Comeback
Mukesh Ambani's wealth increased by USD 1.30 billion (Rs 10,890 crore) on Tuesday, bringing his total net worth to USD 100 billion (Rs 8.37 lakh crore). So far in 2024, Ambani has gained USD 3.84 billion (Rs 32,160 crore), placing him as the 17th richest person globally. His success reflects the resilience of Reliance Industries, despite challenges in the retail sector.
Reliance Industries shares, however, are still 18% below their July peak. On Wednesday, the stock closed at Rs 1,311.35, a 0.75% drop. Analysts express concerns about rising competition in quick commerce, with JM Financial setting a target price of Rs 1,660 for the company’s shares.
Gautam Adani’s Steady Growth
Gautam Adani, Chairman of the Adani Group, also saw a USD 1.39 billion (Rs 11,620 crore) increase in his net worth on Tuesday, taking his fortune to USD 84 billion (Rs 7.03 lakh crore). Ranked 19th on the global rich list, Adani has faced setbacks this year, with a total decline of USD 264 million (Rs 2,200 crore). Allegations of bribery, strongly denied by the Adani Group, have impacted stock performance, especially in Adani Green Energy.
Zuckerberg’s Big Win
Meta CEO Mark Zuckerberg topped the gainers’ list, with his net worth rising by Rs 7.20 billion (Rs 60,000 crore) in one day, thanks to Meta’s strong performance. He is now the third-richest person globally with USD 217 billion (Rs 18.16 lakh crore), following Jeff Bezos at USD 234 billion (Rs 19.57 lakh crore) and Musk.
This dynamic shift among billionaires highlights the volatile nature of wealth driven by stock markets and global economic trends.
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