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A big Elon Musk fan joins the Forbes 400 list for the first time this year.
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Leo KoGuan is Tesla’s third largest shareholder and is currently worth $7.2 billion.
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KoGuan is one of a group of investors who have profited millions of dollars from Tesla’s soaring stock price.
Elon Musk superfan joins Forbes 400 list after going all-in on Tesla stock.
Leo KoGuan, the founder of the IT firm SHI International, joined Forbes’ annual list of the world’s richest people for the first time, placing 112. With a net worth of $72 billion, KoGuan is the hedge fund’s billionaire. Billionaire George Soros surpassed philanthropist Melinda French Gates.
What makes KoGuan’s wealth so unusual is how he amassed it: buying up Tesla stock early in the pandemic.
In a 2021 interview with Bloomberg, KoGuan said he started trading stocks in 2019, buying stakes in companies like Baidu and Nvidia. However, he started losing money and chose to sell all but his Tesla shares. Tesla stock continued to buy. Even after the market crashed early in the pandemic, KoGuan doubled into Tesla and it paid off.
Koguan now owns about 22.6 million Tesla shares and 1.23 million options, according to Bloomberg’s Billionaires Index, making him the third-largest individual shareholder after Musk and Oracle founder Larry Ellison.
KoGuan told Forbes in 2021 that he was an “Elon fanboy.”
Not much is known about how KoGuan spends his wealth, but according to Bloomberg, he has been making donations to Chinese universities over the years. He reportedly paid around $46 million for a Singapore penthouse owned by aircraft tycoon James Dyson.
KoGuan is one of several individual investors who have become billionaires on the back of Tesla’s rapid rise. Known as “Teslanairs,” many of these die-hard fans invested more than a decade ago, made big bucks in skyrocketing stocks, and even during the pandemic’s downturn and Musk’s headline-making antics, their maintained its position.
In early 2020, Tesla stock was trading at around $30 per share. It is now trading at about 10 times that amount. Tesla did his stock split in 2020 and his August of this year.
KoGuan told Bloomberg last year that it was “all in” with electric car makers. “All the money I have is on Tesla,” he said.
Read the original article on Business Insider
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