China hugged Musk by lifting the ban, Tesla shares broke 3 year record - Newztezz Online

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Tuesday, April 30, 2024

China hugged Musk by lifting the ban, Tesla shares broke 3 year record


China had imposed several bans on the world's largest EV company regarding data security. Earlier this ban was limited only to military areas. After that this ban was also imposed in many public places. In this connection, he suddenly visited China and met Chinese Prime Minister Li Qiang.

Elon Musk's sudden visit to China also seemed to be yielding results. China removed all restrictions on Tesla. According to the information, the Chinese government had banned the data sharing of self-driving cars of the American EV company citing data security. Due to which there was a significant decline in Tesla's sales. Also, there was a very bad impact on Tesla's business. After the restrictions were lifted, Tesla shares even broke the three-year old record of growth. On the other hand, there was a tremendous increase in the wealth of Elon Musk. Let us also tell you what kind of sanctions were imposed by China and what kind of impact will be seen after the removal of the sanctions?

What kind of restrictions were there?

China had imposed several bans on the world's largest EV company regarding data security. Earlier this ban was limited only to military areas. After that this ban was also imposed in many public places. In this connection, he suddenly visited China and met Chinese Prime Minister Li Qiang. After which the government removed all the restrictions imposed on Tesla. Which is a news of great relief for Elon Musk. The special thing is that after Musk's visit to China, the China Association of Automobile Manufacturers and National Computer Network Emergency Response Technical Team took a big decision. On Monday, the technical team also added Tesla's name to the list of intelligent connected vehicles passing the data security testing.

Tesla shares rise

After the ban on the world's largest EV company Tesla was lifted, there has been a tremendous increase in the shares of the company. According to the data, the company's shares saw a rise of up to 18 percent during the trading session. After the market closed, the company's shares closed at $194.05 with a rise of 15.31 percent. According to foreign media reports, Tesla has seen the biggest rise in one day after three years. Talking about the current year, Tesla shares have seen a decline of about 22 percent. If experts are to be believed, we may see further increase in Tesla shares in the coming days.

Increase in wealth of Elon Musk

After the increase in Tesla shares, there has been a tremendous increase in the wealth of Elon Musk. His wealth has again crossed 200 billion dollars in one stroke. According to Bloomberg Billionaires Index data, Elon Musk's wealth has seen an increase of $18.5 billion and his total wealth has reached $202 billion. The special thing is that he is just 1 billion dollars behind the total net worth of Jeff Bezos. If he leaves Jeff Bezos behind, Elon Musk will become the second richest businessman in the world. Which seems more likely. The last time on March 4, Elon Musk's wealth was seen to be more than 200 billion dollars. On March 5, Elon Musk's net worth had fallen by $17 billion. Since then his wealth was continuously decreasing.

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