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Wang Chuanfu, 58, founder of BYD, a major Chinese electric vehicle company comparable to Elon Musk’s Tesla, is suddenly embroiled in rumors of having illegitimate children in the United States, facing a significant crisis. If true, he and his company could significantly damage their images. In the worst case, there is a high possibility that Chairman Wang may face disaster, stepping down from management.
According to Beijing sources well-informed about China’s economic information on the 11th, Chairman Wang founded BYD, a battery company, at the age of 29 in 1995 and grew it into a major corporation. Eight years later, in 2003, he switched to electric vehicles, achieving his current dazzling success. Calling him the Chinese version of Musk in the Chinese economic community seems natural.
While not much personal information is widely known, he is also gaining popularity among Millennials and Gen Z (youths born after the early 1980s). His level of popularity is incomparable even to most celebrities. This is why he is often compared to Jack Ma, 61, founder of Alibaba, who was once an idol of the youth.
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However, in socialist China, it’s problematic if entrepreneurs have a higher reputation than the top leaders of the party and government. Subtle checks also come from Wanghong (internet stars) with blind patriotic tendencies. He seems to be no exception. Since the beginning of this year, his private life has been under attack by Wanghong, who are displeased with him.
The content of the rumor is surprisingly simple. He allegedly had an inappropriate relationship with a subordinate female employee, resulting in the birth of a son and a daughter in the United States, who are now living as Americans. If this is not true, he needs to clarify. However, he remains silent. It seems that he judged that an active response would be more harmful to him.
Since the beginning of this century, more than a few famous entrepreneurs have disappeared with damaged reputations, or whose businesses they devoted their lives to have been ruined for various reasons. The former Chairman Yang Bin, 61, of the Eurasia Group, who resigned as the administrative commissioner of the Shinuiju Special Administrative Region in North Korea at the beginning of this century, and the founder of Gome, a large electronics chain, Huang Guangyu, 54, can be cited as typical examples.
Moreover, these people served more than ten years in prison after the authorities exposed various illegal activities. If the rumor is true, there is no law that Chairman Wang should not face such a disaster. The reason he lies low and quietly watches the situation seems to have its reasons.
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