Warren Buffett just became poorer than Elon Musk.
Warren Buffett just dropped below Elon Musk, Tesla CEO on the Bloomberg Billionaires Index to become the world’s tenth wealthiest person with Elon occupying the seventh position.
On Friday, according to Bloomberg, Elon Musk’s fortune rose more than $6 billion, after Tesla’s stock surged 10.8% to a record $1,544 per share. Its market value stood at $286.5 billion.
20.8% of Tesla’s stock is owned by Musk, making his stake worth just under $60 billion.
Musk is also the primary shareholder of privately held SpaceX, as well as a privately held tunneling company.
This week after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity, Buffett’s fortune fell — part of his plan to give away most of his wealth to philanthropic ventures.
Over the past 12 months, Tesla’s stock has gone up more than 500% exceeding the value of almost every company in the S&P 500. The electric car maker is the most valuable auto company on Earth.
Based on a pay package that Tesla shareholders approved in 2018, the 49-year-old Musk could eventually become the world’s richest person, a spot currently held by Amazon CEO Jeff Bezos.
Tesla, at the end of May, granted Musk stock options worth $1.8 billion today. Now, it’s about to do that again, for a second time in just over two months.
Musk’s pay package lays out a plan that could eventually give him 20.3 million stock options over the course of 10 years.
