Mukesh Ambani slips to 6th position among richest men in the world

Days after Mukesh Ambani, chairman and managing director of Reliance Industries was named the fourth richest man in the world, fortunes of the Mumabi Indians owner have dipped slightly. According to latest reports, in the media, Ambani has slipped two places to become the sixth-richest person. The shares of RIL, his flagship company, fell over the last few days. On the other hand, net worth of Tesla chairman Elon Musk and Bernard Arnault, rose amid the rally on Wall Street making them the fourth and fifth richest person respectively as per Bloomberg Billionaires Index.

Earlier this month, the RIL boss surpassed Bernard Arnault, chairman and CEO, LVMH Moet Hennessy Louis Vuitton to become the world fourth-richest person after his net worth swelled to $80.2 billion (Rs 6.04 lakh crore). Arnault's net worth, on the other hand, went down by $1.24 billion to $80.2 billion (Rs 6.01 lakh crore) taking him down a notch to number five position.The recent fall in Ambani's net worth was because of the profit-booking seen in RIL shares over the last three days. Worth mentioning here is that RIL shares have rallied over 140% since touching a fresh 52-week low of Rs 867.43 in the month of March. 

The rally in RIL shares has pushed Mukesh Ambani's ranking on the Bloomberg Billionaire Index, by 10 places since January. He has added over $22 billion dollars to his net worth during this period. Since April, oil-to-telecom conglomerate Reliance Industries has raised around Rs 1,52,056 crore from marquee investors and tech majors such as Google and Facebook by selling over 33 per cent stake in its Jio Platforms unit. Ambani is the only Asian tycoon in the elite list of the top 10 richest people in the world. Jezz Bezos, founder and CEO of Amazon continues to rule to top spot. The second spot is occupied by Bill Gates , founder of Microsoft.