Mukesh Ambani reclaims Asia's richest as Reliance jumps nearly 12%
Business
Mukesh Ambani just reclaimed his spot as Asia's richest, overtaking ByteDance's Zhang Yiming after Reliance Industries's shares jumped nearly 12% in a single day.
That boost added $8.5 billion to Ambani's net worth, taking him to $88.8 billion, making him the 23rd richest in the world, while Zhang now sits at 25th.
Reliance beats revenue estimates, Jio IPO
Reliance's big leap came after it reported stronger-than-expected revenue ($2.7 billion vs. estimates of $2.3 billion), which sent its market value up by over $19 billion and got analysts talking more positively about the stock.
Plus, Jio Platforms, its digital arm, made waves with a record-breaking IPO that raised $3.2 billion and saw its shares pop 27% on its debut, adding even more fuel to Reliance's rise.