Elon Musk & Mukesh Ambani Became 7th & 9th Richest Person in the World, Surpassing Warren Buffet
In June 2020, the RIL fundraising plan made Mukesh Ambani the 10th richest man in the world. And now, with Reliance Industries latest $1 billion deal with BP (petroleum major), Ambani surpassed one of the top investors Warren Buffett in the list.
According to Bloomberg Billionaires List, RIL’s chairman now stands at $70.2 billion, surpassing Buffett’s $68 billion. Since March 2020, Ambani’s Indian conglomerate grown at a rapid pace due to the investments made by several MNC’s in Jio platform. Its digital unit has received $15 billion+ investments this year alone.
Right now, Ambani is the only Asian tycoon to be included in the exclusive club of the world’s top-10 richest men. He currently stands at 9th position in the world.
On the other hand, Elon Musk, CEO of Tesla also surpassed 89-year-old Warren Buffet, ‘the Oracle of Omaha.’ Right now, Musk raised his net worth to $70.5 billion because of a 10% jump in Tesla’s stock. Over the past year, Tesla shares experienced 500% growth because of its Model 3 sedan increased sales. The current market value of its shares is $286.5 billion, making it the earth’s most valuable automobile company.
Musk owns 20.8% shares of Tesla, is also SpaceX’s largest shareholder, and owns a privately owned tunneling firm. The 49-year-old Elon Musk can become the richest man in the world if we consider the compensation package accepted by Tesla shareholders in 2018. But currently, the position of the world’s richest person is in Amazon’s CEO Jeff Bezos’s hands. The compensation package of Musk includes a strategy that can offer him 20.3 million stock options for the next 10-years. Currently, he stands at 7th position in the world’s richest person tally.
Fate of Buffett
The Berkshire Hathaway Chairman Warren Buffett has dropped down to 9th position after shedding $21.4 billion in 2020 because of global market crashes due to COVID-19 and running charity programs. It has also raised assumptions over Buffett’s investment methods. Since 2006, the 89-year-old Warren Buffett has fallen down the rankings, even though he invested more than $38 billion in Berkshire Hathaway Inc. shares.
Ambani’s wealth swelled gradually in 2020 because of Rs. 1.16 lakh crore investment and Rs. 53,000 crore through the rights issue. He owns 42% in RIL and is the world’s largest oil refining complex owner. Also, after the success of the SpaceX program this year, Musk’s future looks promising. The electronic and hybrid vehicle market is about to change the world in the upcoming years. It wouldn’t be a surprise if he became the world’s richest man alive in the next few years.
Foxconn Planning to Invest $1 Billion in India
According to sources, Apple Supplier Foxconn is planning to invest $1 billion for expanding a manufacturing unit of iPhone in southern India. It is a part of a quite and gradual production shift by Apple to India from China because of the disruption from a trade war between Washington and Beijing, and the COVID-19 crisis.
Another source said, “Foxconn plans to invest in the Sriperumbur plant, 50KM west of Chennai where iPhone XR gets manufactured. It will take place over three years.“
The current iPhone models made by Foxconn in China will get shifted to Indian plant, sources say. The talks are still private, and no details have been finalized yet. Also, the company hasn’t released any official statements yet.
But if the decision gets finalized, the Taipei-headquartered Foxconn will add 6000+ job opportunities (approximately) at the Sriperumbur plant in Tamil Nadu state. Currently, the company operates a plant in the southern Indian state of Andhra Pradesh, where it manufactures Xiaomi Corp smartphones among others.
India is the second-biggest smartphone market, and Apple owns about 1% sales in India, where its pricey iPhones are a status symbol. Apple plans to save cost on import taxes to reduce the iPhone prices by shifting manufacturing factory to India. Currently, the only pant where it assembles few models is in the southern tech hub of Bangaluru, owned by Taiwan Wistron Corp. According to reports, Wistron is also planning to open a new plant to make more Apple devices.
India is also working to expand electronics manufacturing in the country by collaborating with firms such as Foxconn. Last month Indian Govt. launched a $6.65 billion plan, representing a deal to five global smartphone makers to expand or establish domestic production.
If Apple widens its local presence, it will boost Prime Minister Narendra Modi’s ‘Make In India‘ drive and will create new jobs in the country. Samsung has already finalized to open a manufacturing hub in India from where it will export its smartphone outside.