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Jul 10, 2020

Elon Musk rockets past Warren Buffett on billionaires ranking

Tesla now worth more than oil super majors like Exxon

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Elon Musk is now richer than Warren Buffett.

The fortune of Tesla Inc.’s founder rose US$6.1 billion on Friday, according to the Bloomberg Billionaires Index, after the carmaker’s stock surged 11 per cent. Musk is now the world’s seventh-richest person, also ahead of tech titans Larry Ellison and Sergey Brin.

The 49-year-old owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his US$70.5 billion fortune. His majority ownership of closely held Space-X accounts for about US$15 billion.

Shares of the electric car-maker have risen 269 per cent this year. The firm’s booming valuation helped Musk land a US$595 million pay-day earlier this year, making him the highest-paid CEO in the U.S.

Musk is the latest tech entrepreneur to rise above Buffett in the ranks of the world’s richest. Steve Ballmer, the former Microsoft Corp. CEO, and Google co-founders Larry Page and Brin also have leapfrogged the Oracle of Omaha. Indian tycoon Mukesh Ambani also surpassed Buffett this week.

Buffett’s fortune dropped earlier this week when he donated US$2.9 billion in Berkshire Hathaway stock to charity. The 89-year-old has given away more than US$37 billion of Berkshire shares since 2006.