Chinese battery supplier Contemporary Amperex Technology Co’s Chairman Robin Zeng has zipped past Alibaba Group Holding BABA co-founder Jack Ma to be the world’s twenty-fifth richest person, as per the real-time Forbes billionaires list.
What Happened: The 52-year old billionaire, who has built a fortune supplying batteries to electric vehicle makers like Tesla Inc TSLA and Nio Inc NIO, has a net worth of $50 billion. In comparison, Ma’s riches are valued at $45.7 billion. The Alibaba co-founder held the record of being the richest person in Asia for a long time.
See Also: Alibaba's Position In E-Commerce, Cloud Stronger Than Feared By Wall Street, Says Analyst
In May, Jeng’s net worth was valued at $34.5 billion.
The Shenzhen-listed CATL also counts Volkswagen Ag VWAGY and Bayerische Motoren Werke Aktiengesellschaft BMWY as customers.
Why It Matters: The rapid electric vehicle adoption across the world is creating a new line of billionaires and has been lifting the net worth of those linked to the ecosystem including industry disruptor Elon Musk. Zeng has a 25% stake in CATL, whose shares have jumped five folds since the beginning of 2020.
Price Action: Tesla shares closed 2.26% lower at $644.65 on Wednesday.
Read Next: Jeff Bezos Breaks Elon Musk's Wealth Record, Clocking $211B: Bloomberg
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