Billionaire Musk’s net worth exceeds that of Warren Buffett – Bloomberg News

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FILE PHOTO: Elon Musk, founder and chief engineer of SpaceX, speaks during a press conference after the launch to discuss the flight abandonment test of the capsule by SpaceX astronaut Crew Dragon at the Kennedy Space Center in Cape Canaveral, Florida, United States, January 19, 2020. REUTERS / Joe Skipper

(Reuters) – Elon Musk’s net worth surpassed Warren Buffett on Friday as CEO of Tesla Inc (TSLA.O) has become the seventh richest person in the world, according to the Bloomberg Billionaires Index.

Musk’s fortunes rose $ 6.07 billion on Friday, Bloomberg News said after a 10.8% increase in the automaker’s shares.

Buffett’s equity fell earlier this week when he donated $ 2.9 billion to Berkshire Hathaway (BRKa.N) stock to charity, the report added.

Tesla shares have jumped 500% in the past year as the company increased sales of its Model 3 sedan.

The bloated rally also puts Musk within reach of a potential salary of $ 1.8 billion, his second jackpot from the automaker in about two months.

The stock is up about 38% since the close of July 1, one day before the company releases its quarterly delivery figures.

Tesla’s solid delivery figures raised expectations for a profitable second quarter, marking the first time in its history that it will report four consecutive quarters of profit.

Reportage by Shubham Kalia à Bengaluru; Montage par Raju Gopalakrishnan

Our standards:Principles of the Thomson Reuters Trust.

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