According to the real-time Forbes billionaires list, Chinese battery supplier Contemporary Amperex Technology Co’s Chairman Robin Zeng has surpassed Alibaba Group Holding (NYSE: BABA) co-founder Jack Ma to become the world’s twenty-fifth richest person.
What happened was this: The 52-year-old millionaire has a net worth of $50 billion after making a fortune supplying batteries to electric vehicle manufacturers such as Tesla Inc (NASDAQ: TSLA) and Nio Inc (NYSE: NIO). Ma’s fortune is estimated to be worth $45.7 billion. For a long period, the Alibaba co-founder held the title of Asia’s richest person.
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Jeng’s net worth was estimated to be $34.5 billion in May.
Volkswagen AG (OTC: VWAGY) and Bayerische Motoren Werke Aktiengesellschaft (OTC: BMWY) are also customers of the Shenzhen-listed CATL.
Why Does It Matter? The fast adoption of electric vehicles around the world is creating a new generation of billionaires, as well as increasing the net worth of people connected to the ecosystem, such as industry disruptor Elon Musk. Zeng owns a quarter of CATL, whose stock has increased fivefold since the start of 2020.
Tesla shares ended the day 2.26 percent lower at $644.65 on Wednesday.
Read Next: Jeff Bezos Sets New Wealth Record With $211 Billion: Bloomberg (C) 2021 Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
