Mukesh Amabani and Mark Zuckerberg. Photos by Bloomberg. Art by Mike Sullivan

Four years ago, India’s richest man, Mukesh Ambani, set out to remake India’s mobile industry by launching a cellular phone service with rock-bottom prices that made it affordable for India’s rural poor. 

After Reliance Industries, his business empire spanning oil, retail and other sectors, invested $30 billion to build the network, he distributed more than 100 million basic phones that were free as long as users renewed their data packages on his Jio mobile network. Today, Jio has signed up more than 400 million subscribers, according to current employees, making it the biggest carrier in the country.

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SPAC Managers to Watch

SPAC mania may be nearing its peak. Everyone from Peter Thiel to Paul Ryan is backing special purpose acquisition companies, firms that are taken public as empty shells, destined to raise money for the purchase of a business at some point in the future. And why wouldn’t they? For the SPAC managers, it’s a great way to get rich. 

In the case of Opendoor’s merger with a ...

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