Social media giant Facebook Inc announced Wednesday that it had bought a 9.99 per cent stake in Reliance Jio, the telecom company owned by India’s wealthiest man Mukesh Ambani. The whopping deal worth Rs 43,574 crore ($5.7 billion) made it the largest FDI for minority investment in India. And soon after the announcement of the deal, #RelianceJio, #MarkZuckerberg and #MukeshAmbani were trending on Twitter.
Many also reacted to the deal with memes and jokes. Some came up with a new logo while others tried guessing how other telecom operators who were struggling to survive would feel after the deal.
— Shweta Shalini (@shweta_shalini) April 22, 2020
Facebook picks up stake in Jio Platforms, thereby giving Mark Zuckerberg even more Jiopolitical influence.
— Ramesh Srivats (@rameshsrivats) April 22, 2020
— Anupam Gupta (@b50) April 22, 2020
— Amey Kulkarni (@Kulkarnium) April 22, 2020
— C O S M O S (@notmuchconfused) April 22, 2020
— Sujit Kumar Jena (@SujitKu73282907) April 22, 2020
— Middle Stump HMP (@marwadi99) April 22, 2020
— Abhilash Ck (@iamabhilashck) April 22, 2020
— Neeraj Sharma (@ca_neerajsharma) April 22, 2020
— Riya (@jhampakjhum) April 22, 2020
— Rahul Jha (@therjraaz) April 22, 2020
*Le Airtel, Idea & Voda: pic.twitter.com/lulzro5lG5
— सौरव चौहान (@sauravchauhan82) April 22, 2020
— Arpita singh (@being_arpita99) April 22, 2020
Meanwhile Airtel and Idea pic.twitter.com/CGFyv8SBQJ
— Bihar Reawakens (@BiharReawakens) April 22, 2020
Facebook investing in Jio is probably not just about the social media network. In fact, it will be more about WhatsApp, the secure messaging platform that Facebook acquired. Here’s what this deal is expected to mean for India.
The investment had an impact on stock market too and shares of Reliance Industries on Wednesday jumped over 8 per cent after the announcement of the deal. The company’s market valuation also jumped by Rs 45,527.62 crore to Rs 8,29,084.62 crore.