China Electric Car Billionaire's NIO Gains 5% On NYSE Trading Debut [Forbes]
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Source: Forbes
Shares in NIO, the China electric car maker let by billionaire William Li, rebounded from an initial plunge to end the day ahead by 5.4% on their debut at the New York Stock Exchange on Sept. 13. China hopes to lead the world in electric vehicle development. NIO was founded in 2014 and is backed by Tencent, one of the world’s largest Internet businesses. The company raised $1 billion in an IPO this month. Li, a member of the 2018 Forbes Billionaires List, holds a 14.5% stake in NIO worth $981 million at today’s closing price. He also has shares in Bitauto, an auto content company, whose shares rose by 4.4% today. Forbes estimates Li's overall fortune as of today at $1.1 billion. Yet NIO, a nascent rival to Tesla, is losing money -- $502 million in the first half alone, and is in its early days of a battle that includes other global and local auto leaders including Volvo. NIO went public in New York amid friction in U.S.-China trade that has hurt share
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