Facebook Seals Biggest Deal Since WhatsApp With Ambani [Yahoo! Finance News]
Meta Platforms, Inc. - Class A (FB)
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Source: Yahoo! Finance News
) -- Facebook Inc. will invest $5.7 billion in the digital assets controlled by Asia’s richest man, the U.S. social-networking giant’s biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market.The U.S. company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, Reliance Ltd. said in a statement Wednesday. Separately, Facebook said the deal would bring together JioMart, an e-commerce venture of Mukesh Ambani and its WhatsApp platform to enable people to connect with businesses.Shares of Reliance jumped 10% on Wednesday in Mumbai, helping the Indian tycoon reclaim the title of Asia’s wealthiest person from Alibaba Group Holding Ltd. founder Jack Ma. The rally compares with the 2.4% gain in India’s benchmark S&P BSE Sensex index.Jio Platforms, a wholly owned unit of Reliance , brings together Jio’s digital apps, ecosystems and the wireless platform offered by telecommunications carrier, Reliance Jio Infocomm
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