Elon Musk Criticizes Mukesh Ambani Ahead of Jio Platforms' Major IPO

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Elon Musk renewed criticism of telecom mogul Mukesh Ambani's market dominance and pledged affordable Starlink services in India as Jio Platforms prepares for a record IPO.

Elon Musk has publicly intensified his criticism of Indian billionaire Mukesh Ambani amid the forthcoming initial public offering (IPO) of Jio Platforms, a Reliance Industries telecom subsidiary. Posting on social media platform X, Musk argued that introducing Starlink satellite internet services in India would provide valuable competition, expanding consumer choice and potentially lowering prices.

Musk dismissed suggestions that Starlink would fail to compete with Reliance Jio's low-cost data offerings as "absurd hypocrisy and hyperbole." He emphasized that although Ambani’s profits might decrease due to competition, his business would remain operational. Musk's remarks come just days before Jio Platforms aims for an approximate valuation of $106 billion in what could become India's largest-ever IPO. Reliance Jio, the core business of Jio Platforms, reported 524.4 million subscribers by the end of March, including 268.5 million on 5G networks.

Musk further accused certain Indian authorities and influential figures, whom he called "oligarchs," of delaying regulatory approvals for Starlink to maintain "a monopolistic chokehold on the Indian people." In a sarcastic post, he referred to Ambani as "Prime Minister Ambani" and implored him to consider allowing Starlink to operate competitively in India, highlighting the satellite service’s potential to improve connectivity for underserved communities, enhance education, and open new markets to small businesses.

India’s Ministry of Communications responded by rejecting accusations of unfair treatment, stating that Starlink, Bharti Airtel, and Reliance Jio are all at similar stages within the regulatory framework. While initial approvals are granted, all three await further security clearances necessary for spectrum access.

Musk's public critique underscores an ongoing tension as Starlink seeks entry into India’s telecom market traditionally dominated by Reliance Jio. The situation will be closely watched as Jio Platforms embarks on its large-scale IPO, reflecting significant shifts in the country's telecom landscape.