Elon Musk Dethroned as World's Richest Amid Tesla's China Struggles

Tesla's sales dip in China and share price fall contribute to Musk losing the top spot, as competition intensifies in the EV market.

Elon Musk loses his title as the world's richest person due to Tesla's weak sales in China and a significant drop in share price.
Tesla's February sales in China decreased by 19% year-on-year, marking the lowest level of deliveries since December 2022.
The Chinese EV market is experiencing a slowdown and fierce competition, leading to price wars among manufacturers.
BYD overtakes Tesla as the world's largest seller of battery electric vehicles, with other Chinese EV makers also gaining ground.
Tesla introduces new incentives in China, including insurance subsidies and preferential financing plans, to boost sales.