ELON MUSK SURGES PAST WARREN BUFFETT TO BECOME 7TH RICHEST MAN
Tesla CEO Elon Musk just zoomed past Warren Buffett on the Bloomberg Billionaires Index to become the world's seventh wealthiest person, Allison Morrow and Chris Isidore wrote for CNN Business late on Friday, July 10, 2020.
Musk's fortune rose more than $6 billion Friday, according to Bloomberg, after Tesla's stock surged 10.8% to a record $1,544 per share. Its market value stood at $286.5 billion.
Musk owns 20.8% of Tesla's stock, making his stake worth just under $60 billion. Musk is also the primary shareholder of privately held SpaceX, as well as a privately held tunneling company. Buffett's fortune fell this week after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity — part of his plan to give away most of his wealth to philanthropic ventures.
Tesla's stock is up more than 500% over the past 12 months, exceeding the value of almost every company in the S&P 500. The electric car maker is the most valuable auto company on Earth. The 49-year-old Musk could eventually become the world's richest person — a spot currently held by Amazon CEO Jeff Bezos — based on a pay package that Tesla shareholders approved in 2018.