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

Tesla CEO Elon Musk arrives on the red carpet for the automobile awards given by a German newspaper in Berlin, Germany, Nov 12, 2019.

PALO ALTO: Elon Musk’s net worth soared past Warren Buffett on Friday (Jul 10) 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 US$6.07 billion on Friday, Bloomberg News said, following a 10.8 per cent jump in the electric carmaker’s stock.

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

Tesla’s shares have surged 500 per cent 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 US$1.8 billion, his second jackpot from the electric carmaker in about two months.

The stock is up about 38 per cent since the close on Jul 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.

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