Billionaire Musk's net worth zooms past Warren Buffett's, Bloomberg reports

Billionaire Musk's net worth zooms past Warren Buffett's, Bloomberg reports

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.

SpaceX founder and chief engineer Elon Musk speaks at a post-launch news conference to discuss the
FILE PHOTO: SpaceX founder and chief engineer Elon Musk speaks at a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper

REUTERS: 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 US$6.07 billion on Friday, Bloomberg News said, following a 10.8per 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 500per 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 car maker in about two months.

The stock is up about 38per cent 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.

(Reporting by Shubham Kalia in Bengaluru; Editing by Raju Gopalakrishnan)

Source: Reuters

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