Last year, Elon Musk became the world's first person to lose $200 billion net worth, which also saw him lose the title of being world's richest person to Bernard Arnault.
In the past seven months, billionaire Elon Musk has lost that title thrice to Bernard Arnault and regained it once in February this year. But now, the world¡¯s second richest person seems set to reclaim the title once more.?
This comes amid a surge in Tesla shares due to CEO Musk¡¯s ongoing visit to China, which is his first in three years.?Shares of Tesla?jumped more than 4% yesterday amid Musk's China visit wherein he met?China¡¯s Foreign Minister Qin Gang. The jump in Tesla shares also soared Elon Musk's wealth by $4.86 billion yesterday.?
Musk's networth stands at $190 billion currently (as per Bloomberg billionaire index), whereas first placed Bernard Arnault's net worth is $192 billion.
The visit comes as Beijing is pushing to show it is open to foreign business, and as Musk reportedly signaled further expansion of his company¡¯s business in China, as per CNBC report.
Qin, who was until recently China¡¯s ambassador to the U.S., said ¡°Chinese-style modernization,¡± characterized by a huge population and ¡°common prosperity¡± will create ¡°unprecedented growth potential and market demand,¡± according to a statement from the Chinese foreign ministry.
He added that China¡¯s electric vehicle market ¡°has broad prospects for development¡± and that China will continue to open up and create a better market-oriented and law-based business environment for foreign firms like Tesla.
According to the Chinese foreign ministry statement, Musk praised the Chinese people and China¡¯s achievements. Tesla opposes ¡°decoupling¡± and is willing to continue to expand its business in China, the statement said.
The meeting between Musk and Qin comes at a time of continued tensions between the U.S. and China over technology. Last year, Washington enacted sweeping export restrictions on key chips and semiconductor equipment to China, in a move that could hobble¡¯s Beijing¡¯s attempts to boost its domestic industry in a critical technology, as per the report.
This month, Chinese regulators barred operators of ¡°critical information infrastructure¡± in China from buying products from U.S. chipmaker Micron.?The Chinese foreign minister on Tuesday said that a ¡°constructive¡± U.S. and China relationship is in the interest of both countries and the world.
On Tesla¡¯s side, billionaire Musk¡¯s visit on Tuesday comes as the company faces heightened competition and a price war in China. Tesla has been adjusting the prices of its cars in China amid a tougher macroeconomic environment in the world¡¯s second-largest economy, the report mentioned.?However, the Chinese foreign ministry statement did not supply much detail on what was discussed between Musk and Qin.?
China is Tesla¡¯s second-biggest market, and Musk has sought to maintain good relations with Beijing. The billionaire has pledged investments over the years and praised the country¡¯s technology.?¡°China rocks in my opinion,¡± Musk had reportedly said in 2020. Tesla¡¯s biggest car production factory is in Shanghai, and the company in April announced plans to build another plant locally to manufacture its Megapack energy storage system.
Now it remains to be seen what exactly the billionaire plans to do amid his visit to China, but Tesla shares surely are enjoying being in green amid the visit, which has also surged its CEO's wealth and pushed him closer to reclaiming world's richest title.
Also Read:?Why Apple CEO Tim Cook Once Rejected Elon Musk's Offer To Acquire Tesla
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