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

Tesla Inc 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 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 XPEV Chairman He Xiaopeng got wealthier by 643% this year as his net worth grew to $9.8 billion.

Li Auto Inc LI CEO Li Xiang, worth $6 billion, saw his wealth rise 616%, while Wang Chuan-Fu, chairman of BYD Co Ltd 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 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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Photo by Haddad Media on Flickr