Tesla CEO Musk’s fortune up by $6 bln, net worth above Warren Buffett’s, says report

Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, on March 9, 2019. (AP)

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.

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.

For all the latest headlines follow our Google News channel online or via the app

SHOW MORE
Last Update: Saturday, 11 July 2020 KSA 17:21 - GMT 14:21
Top