Elon Musk meets with a top official from China in Beijing

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China: 28 April 2024: The unexpected trips by the CEO of Telsa coincide with Chinese automakers advertising competing products at the Beijing Motor Show.


On an unexpected trip to Beijing, Tesla CEO Elon Musk met with China's second-highest ranking official.Musk and Chinese Premier Li Qiang met during the Beijing Motor Show, which runs from April 25 to May 5. At the event, Chinese automakers are showcasing their newest electric cars.


Li informed Musk during their Sunday conversation that he hoped the US and China would cooperate in a "win-win" manner, citing Tesla's activities in China as an effective illustration of joint ventures, according to Chinese official media. According to Li, "foreign-funded firms will always have access to China's very large-scale market."

Elon Musk started six companies, like Tesla, which makes electric cars, SpaceX, which launches rockets, and Boring Company, which digs tunnels.

He owns around 12% of Tesla's stock, but he's used more than half of that as security for loans. A judge said Musk couldn't get extra Tesla stock in a deal he made in 2018. Forbes thinks the value of that deal might be cut in half if Musk's appeal fails.

SpaceX, founded in 2002, is now worth almost $180 billion. Musk's SpaceX stock has gone up five times in four years because of a big offer for shares in December 2023.

Musk bought Twitter in 2022 for $44 billion but then wanted to change his mind. He owns about 74% of it now, and it's called X. Forbes says X is worth a lot less than what Musk paid for it, based on how much investors think it's worth.

 

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