But the rally faded as the Hong Kong and Chinese stock markets were among the world’s biggest decliners this week. Nongfu shares have erased their gains for the year, while Wantai’s posted a record monthly plunge.
Ambani has focused on pivoting his empire to tech and e-commerce, moving away from energy. Last year, he sold stakes in Reliance’s digital and retail units worth $27 billion to investors including Google and Facebook Inc, lifting his fortune by $18 billion. The spinoff announced this week of the oil-to-chemicals unit — which accounted for more than 60 per cent of the conglomerate’s revenue in the last financial year — will help the tycoon bring in more investors and expedite a proposed stake sale to Saudi Arabian Oil Co.
Zhong and Ambani are not the only two swapping titles lately. Tesla Inc’s Elon Musk became the world’s richest person at the start of January before Amazon.com Inc’s Jeff Bezos regained the No. 1 spot earlier this month as shares of the electronic-car maker tanked. Musk lost $15 billion on Monday alone after he tweeted that the prices of cryptocurrencies seemed high — just two weeks after Tesla said it invested $1.5 billion in Bitcoin.
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