Billionaire billionaire Elon Musk CEO of Tesla Electric Vehicles has surpassed that of Warren Buffett, the most famous American investor on the New York Stock Exchange and chairman of the Berkshire Hathaway company, making Musk the seventh-richest person in the world, according to the Bloomberg billionaire wealth index.
The Bloomberg newsletter said Musk's fortune increased $ 6.07 billion on Friday, after a 10.8% jump in the company’s shares.
Buffett's net worth declined last week after he donated $ 2.9 billion in Berkshire Hathaway to charity, the report added.
Tesla shares have jumped 500% in the past year, with the company increasing sales of its third-class sedans.
The stock has increased about 38% since the close on the first of July, one day before the company announced its quarterly results.
With Tesla achieving strong results, expectations for achieving profits for the second quarter of the year have increased, making it the first time in its history that it has recorded profits for four consecutive quarters.