Tesla (TSLA) CEO Elon Musk on Friday became the seventh-richest man in the world, according to the Bloomberg Billionaires Index, as shares of the electric vehicle company jumped 10.78% to $1,542 a share. Musk’s fortune rose by $6.07 billion due to the stock surge so the 49-year-old saw his net worth climb to $70.5 billion.
Musk holds about a fifth of Tesla’s outstanding stock and also holds majority ownership of space enterprise firm SpaceX. His stake in SpaceX comprises about $15 billion of his wealth.
Musk’s net worth has now eclipsed that of Berkshire Hathaway CEO Warren Buffett. The “Oracle of Omaha” is worth $69.2 billion. Buffett’s net worth declined after he recently gave $2.9 billion in Berkshire Hathaway stock to charity earlier this week.
Musk has previously said he is not the “biggest fan” of Buffett.
“So when you take Warren Buffett for example — and to be totally frank I’m not his biggest fan — he does a lot of capital allocation. He reads a lot of annual reports of companies, all the account, and it’s pretty boring honestly. What he’s trying to figure out is ‘Does Coke or Pepsi deserve more capital?” Musk said in May on Joe Rogan’s podcast.
After Tesla’s stock surged 11% on Friday, Elon Musk is richer than Warren Buffett and becoming the world’s 7th-richest person. pic.twitter.com/my8K72EvJU
— CGTN America (@cgtnamerica) July 10, 2020
Buffett, 89, has called Musk a “remarkable guy” but said the Tesla CEO has “room for improvement” due to his tweeting habits. Musk’s tweets have drawn the ire of the Securities and Exchange Commission and resulted in several lawsuits.
Amazon CEO Jeff Bezos is the richest man in the world, with an estimated net worth of $189 billion.
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