The CEO of Tesla zoomed past Warren Buffett on the Bloomberg Billionaire Index after the electric automaker’s stock rose 11% on Friday.
Musk, 49, controls about 20% of Tesla’s stock, and his now $70.5 billion fortune makes him the seventh richest person on Earth.
Despite the coronavirus pandemic, 2020 has been a boom year for Tesla with share prices rising 269%. Musk earned about $6.07 billion on Friday alone.
Buffett, 89, saw his fortune decline after donating $2.7 billion of his Berkshire Hathaway stock to charity.
The Oracle of Omaha has given away $37 billion in shares since 2006. He has promised to give at least half his fortune to charity during his lifetime or upon his death.