Market Overview

These 3 EV Entrepreneurs Are Getting Richer Faster Than Elon Musk This Year

These 3 EV Entrepreneurs Are Getting Richer Faster Than Elon Musk This Year

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has added more than $111 billion to his fortune so far this year, emerging as the second-richest person in the world, but the wealth gained by others in the electric vehicle industry has been far greater.

What Happened: Musk is worth $139 billion, after adding 403% wealth this year, according to the Bloomberg Billionaires Index — but many of his Chinese peers have outpaced him in terms of getting richer.

The wealth of William Li, founder of Nio Inc (NYSE: NIO), grew the most among the world’s 500 wealthiest people. Li grew 1159% richer, adding $6.82 billion to his coffers, which swelled to $7.41 billion overall, as per Bloomberg. 

Xpeng Inc (NYSE: XPEV) Chairman He Xiaopeng got wealthier by 643% this year as his net worth grew to $9.8 billion.

Li Auto Inc (NASDAQ: LI) CEO Li Xiang, worth $6 billion, saw his wealth rise 616%, while Wang Chuan-Fu, chairman of BYD Co Ltd (OTC: BYDDF) grew richer by 236% and is worth $14.1 billion.

Why It Matters: Shares of Nio are up 1,093.53% on a year-to-date basis, while those of Tesla have risen 580%. 

Musk’s Chinese rivals are unfazed by Tesla’s plans to launch a low-priced EV and have likened the automaker to Apple Inc (NASDAQ: AAPL) in its early days, suggesting that the Musk-led company will lead to the growth of the overall market.

Price Action: Tesla shares closed nearly 2.7% lower at $568.82 on Wednesday and gained 2.48% to $582.93.

Related Links:

Will Tesla Or Nio Stock Grow More By 2025?

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Photo by Haddad Media on Flickr


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