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.
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.
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