- One common thing between billionaires from around the world is that during tough times most of them have lost in billions every day.
- Overseas, LVMH CEO Bernard Arnault lost nearly $40 billion. Back in India, Mukesh Ambani lost nearly half of his wealth.
- Mukesh Ambani’s current net worth stands at $33.3 billion.
It’s not a good time for Reliance Industries. While a few months ago the company headed by Mukesh Ambani and family was growing at a godspeed but its growth suddenly seems to have come at a halt.
Crude oil war and lockdown due to coronavirus are pulling back Reliance Industries. When 2020 started, the net worth of Mukesh Ambani was around $58.6 billion which is now said to be $33.3 billion.
The share price of Reliance Industries went as low as 39% between 1st January and 23rd March during tough times due to the coronavirus outspread. Since mid-2018, the same shares were trading above ₹1000.
Bas news has been lingering over the last month when crude oil prices saw a sudden fall in its share prices. Reliance Industries – operator of the world’s largest crude oil refining factory. Its shares went down as much as 13.65%!
Before the blow of coronavirus, on 8th March this year, Saudi Arabia started a price was with Russia which resulted in dirt-cheap prices of oil globally. Oil prices had already fallen 30% since the start of the year due to a drop in demand.
This price war is one of the reasons why Reliance and global stock markets are crashing again and again.
Then comes another blow, coronavirus. While crude oil war was bad news for oil and refining companies, this fast-spreading virus proved to blow anything that stands on its way.
Along with Mukesh Ambani, the net worth of Radhakishan Damani, Shiv Nadar, Uday Kotak, Sunil Mittal, and Gautam Adani also saw a sudden decline.
It’s like, nobody wants to shop, nobody wants to go out, nobody wants to travel and nobody wants to socialize by any physical means till the tough times go away. Which definitely hampers companies, its business and net worth of CEOs.
Amid a double blow, Mukesh Ambani seems to be proactive in his approach. As soon as Indians started working from home, Reliance JIO revised its plans to give more internet with the same old prices.
Summing Up:
While the world is slowly stopping and socializing minimally, companies and its CEOs have been losing their share in net worth. Mukesh Ambani receives a blow from both sides – a blow from global price war and another blow from coronavirus issue.
Till March we cannot hope for anything good and April seems to be the most moderate month of 2020 – for the world, for us, and for billionaires.
