A viral post is being circulated on social media that claims Joe and Jill Biden own 10% of the Chinese company Contemporary Amperex Technology Ltd., and that the company's stock "has soared almost 300%" since Biden was elected.
The claim appeared in a Facebook post on September 4, 2021. The caption on the post reads, "Suck on this fact checkers... The Bidens own 10% of this Chinese Company and it's stock has gone up 62% since he has been POTUS."
Contemporary Amperex Technology Co. Limited, abbreviated as CATL, is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles.
The FB Post is Full of Conspiracy Theory
Th post says, "This is a must read. The Bidens own 10% of a Chinese lithium ion battery company whos stock has soared almost 300% since Biden was 'elected'. Afghanistans biggest mineral is lithium valued between $1 trillion to $3 trillion dollars. China was already in talks with the Taliban before Bidens Afghan debacle. China moves in and takes over the lithium market and the Bidens profit off of all of this at the expense of American lives. Its all making sense now!"
Here's the Truth
Fact-checking websites Lead Stories and PolitiFact have termed this claim as false. Lead Stories says: "According to public financial documents, the elder Bidens are not financially linked to CATL. However, because of his equity in another Chinese company, Hunter Biden, the president's son, does -- or did -- have ties to the battery company."
There is no evidence for the claim and it is a fake news. Three individuals own 10% or more of CATL, according to MarketScreener.com, a stock market and financial news website. They are the company's chairman, Yu Qun Zeng; its vice chairman, Shi Lin Huang; and Chinese billionaire Zhen Hua Pei.
According to PolitiFact, since becoming president, Biden has filed one financial disclosure form for himself and his wife, Jill, on May 17, 2021. Previously, Biden filed a disclosure as a presidential candidate, on May 20, 2020. The forms show that the couple's investments did not include any individual stocks.
The Claim that CATL's Stock Price Rise 300% Since Biden was Elected is False
According to Morningstar, CATL's stock price rose 86.92% between November 9, 2020 -- the first day the market was open following November 7, 2020, the day Biden became president-elect -- and the time of this writing. The highest stock increase in that period was on August 4, 2021, when it hit a 113.57% increase, reported Lead Stories.
The post is full of lies and misinformation regarding purported Biden stock ownership, stock value increase or Afghanistan's lithium value and was flagged as part of Facebook's efforts to combat false news.
