Elon Musk’s Net Worth Zooms Past Warren Buffett’s, Bloomberg Reports

July 11, 2020 Updated: July 11, 2020

Elon Musk’s net worth soared past Warren Buffett on Friday as the chief executive officer of Tesla Inc 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.

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Tesla co-founder and CEO Elon Musk speaks during the unveiling of the all-electric battery-powered Tesla’s Cybertruck at the Tesla Design Center in Hawthorne, Calif., on Nov. 21, 2019. (Frederic J. Brown/AFP via Getty Images)

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

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Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Neb., on May 3, 2019. (Johannes Eisele/AFP/Getty Images)

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.

By Shubham Kalia