2023 proved to be a challenging year for Elon Musk, as his string of failures and controversies has led to a decline in his reputation. Now, in a further blow to Musk's empire, Chinese automaker BYD Co. is poised to surpass Tesla as the world's most popular manufacturer of electric cars, according to Bloomberg.

Although relatively unknown on the global stage, BYD has rapidly emerged as one of the fastest-growing companies in China's thriving automotive industry. In recent years, China has positioned itself as a formidable competitor to Japan in terms of being the world's leading consumer car exporter.

Industry projections indicate that within the next few months, BYD will claim the top spot in electric car sales, leaving Tesla trailing behind. This marks a significant turning point in the decade-long rivalry between these two billionaires.

BYD CEO Wang Chuanfu has been vying with Tesla since the early days of his company's venture into the electric car business. Backed by substantial investment from Warren Buffet's Berkshire Hathaway, Chuanfu's ambitious pursuit has placed BYD as a legitimate threat to Musk's empire, contrary to Musk's previous ridicule of the Chinese automaker in a recently surfaced TV interview.

Tesla, already grappling with a series of setbacks, is now faced with the challenge of relinquishing its dominance in the electric vehicle market. In the past few months alone, the company has faced investor demands for Musk's resignation after his controversial comments, fraud charges from the California Department of Motor Vehicles, and an underwhelming earnings call where Musk admitted to missteps with the Cybertruck.

Even long-time fans who once ardently supported Musk have started to turn away due to his increasingly questionable behavior. However, BYD's potential overseas expansion, particularly in the United States where its presence remains negligible, may prove to be a hurdle for the Chinese automaker.

Despite the challenges, if BYD can come anywhere close to achieving its domestic success on a global scale, Musk's empire is undoubtedly in jeopardy. As the electric car industry witnesses this unprecedented shift in power, all eyes will be on the fierce competition between these two titans.