Billionaire Musk’s net worth zooms past Warren Buffett’s

Billionaire Musk’s net worth zooms past Warren Buffett’s
Tesla’s Elon Musk is now the seventh richest person in the world. (Reuters)
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Updated 12 July 2020

Billionaire Musk’s net worth zooms past Warren Buffett’s

Billionaire Musk’s net worth zooms past Warren Buffett’s
  • Tesla’s shares have surged 500 percent over the past year as the company increased sales of its Model 3 sedan

NEW YORK: Elon Musk’s net worth has soared past Warren Buffett as the chief executive officer of Tesla became the seventh richest person in the world, according to the Bloomberg Billionaires Index.

Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8 percent jump in the electric carmaker’s stock.

Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added.

Tesla’s shares have surged 500 percent over the past year as the company increased sales of its Model 3 sedan.

The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

The stock is up about 38 percent since the close on July 1, a day before the company reported its quarterly delivery numbers.

Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in its history that it would report four consecutive quarters of profit. 

Tesla will hold its annual shareholder meeting in person on Sept. 22 at its Fremont factory in California, the electric carmaker said on Friday.

The company’s “Battery Day,” where it is expected to reveal significant advances in battery technology will also be held on the same day, Tesla said.