Tesla CEO Elon Musk Now Richer Than Warren Buffet

The latest update to the Bloomberg Billionaires Index now lists Tesla CEO Elon Musk as the world’s seventh-richest person, surpassing billionaire Warren Buffet.

With Tesla shares hitting an all-time high on Friday as part of a nearly 11% surge, Musk’s wealth increased by a whopping $6 billion on July 10. Shares of Tesla have increased by 500% over the past year.

Musk passing Buffet was helped by the latter donating $2.9 billion worth of Berkshire Hathaway shares to charity.

While the Tesla CEO does not get paid an annual salary, his stock incentives are paid out based on company performance and goals met.

Musk owns close to one-fifth of Tesla’s outstanding stock, making up his $70.5 billion fortune, which includes $15 billion of his stake in SpaceX.

Musk’s next stock option payout could be worth $1.8 billion and put the CEO on the path to become the world’s richest person, overtaking Amazon’s Jeff Bezos, says Marketwatch.