Elon Musk's fortune rose to $6.1 billion on Friday after his company's stock surged 11%. This has made the CEO of Tesla Inc the world's seventh-richest person, defearing Larry Ellison and Sergey Brin.
Carmaker's stock rising
A bulk of his fortune comprises of his stock in Tesla ($70.5 billion), while his majority ownership of SpaceX amounts to about $15 billion. Shares of the carmaker rose 269% this year. With a $595 million payday, Musk is now the highest-paid CEO in America. He is the latest tech entrepreneur to rise above Buffett in billionaire ranking. Indian tycoon Mukesh Ambani also surpassed Buffett this week.
But many are wary of such rankings, as experts believe such valuations of tech corporations are getting too high, because of which small investors should get out of the market before it crashes. With the economy slowing down and the tech market reaching new highs everyday, the bubble could burst soon.
For Musk, however, this victory could be especially pleasing. In an interview a few months ago, he said that he wasnt the biggest fan of Buffett. The latter also criticized Musk, saying that he has room for improvement.
Buffett donates all
Warren Buffett recently donated $2.9 billion to charity, which brought down his fortune. He's given away more than $37 billion since 2006.