Billionaire Musk’s net worth exceeds that of Warren Buffett
NEW YORK: Elon Musk’s net worth overtook Warren Buffett as Tesla CEO became the seventh richest person in the world, according to the Bloomberg Billionaires Index.
Musk’s fortune rose $ 6.07 billion on Friday, Bloomberg News said, after shares in the electric carmaker rose 10.8%.
Buffett’s net worth fell earlier this week when he donated $ 2.9 billion in Berkshire Hathaway shares to charity, the report added.
Tesla shares have jumped 500% in the past year, as the company increased sales of its Model 3 sedan.
The meteoric rally also puts Musk within reach of a salary worth a potential $ 1.8 billion, his second jackpot from the electric car maker in about two months.
The stock has risen about 38% since the July 1 close, a day before the company released its quarterly delivery figures.
Tesla’s strong delivery figures raised expectations for a profitable second quarter, which would mark the first time in its history that it has reported four consecutive quarters of profit.
Tesla will hold its annual meeting of shareholders in person on September 22 at its Fremont, California plant, the electric automaker said on Friday.
The company’s “Battery Day”, where it is expected to reveal significant advances in battery technology, will also take place on the same day, Tesla said.