MUMBAI: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.
Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.
But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to US$2.4 billion and fellow oil magnate Jeff Hildebrand lost US$3 billion, bumping both from Bloomberg’s 500-member wealth ranking. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc in India.
Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec 19.
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