Elon Musk is now officially wealthier than Warren Buffett and Tim Cook, reports revealed. The increase of the Tesla founder increased $6.1 billion on Friday based on the Bloomberg Billionaires Index. This refers to the daily ranking of the world's richest people.
The stocks of Tesla Inc. surged 11 percently over this week, making its leader, Elon Musk, the world's seventh richest person, Apple News reported.
The 49-year-old likewise owns around a fifth of Tesla, Inc.'s outstanding stocks, which comprise most of its $70.5 billion wealth. Majority of the ownership include Space X accounts at $15 billion.
Stocks rising
The shares of Tesla are also rising at more than 250 percent this year. This valuation has helped Musk have his $595 million pay day during the first quarters of the year, earning him the spot of being the highest-paid CEO in the United States.
He is also making history as the first entrepreneur from the tech industry who has surpassed Warren Buffett in the ranking of the world's richest. Likewise surpassing Buffet were former Microsoft Corporation CEO Steve Ballmer and Google co-founder Larry Page.
Small investors are warned to stay away from the tech market for now out of the fast surging, and this range has the possibility to crash. This is based on the statements from Mike Novogratz, financial manager and now with Galaxy Digital Holdings Ltd.
"We are in irrational exuberance-this is a bubble," he said on Friday. "The economy is grinding, slowing down, we're lurching in and out of COVID, yet the tech market makes new highs every day. That's a classic speculative bubble."
Buffett's wealth further decreased when he donated almost $3 billing in Berkshire Hathaway stock for charitable purposes. This 89-year-old has been giving away fortune to Berkshire since 2006.
Meanwhile, Apple CEO Tim Cook came in second in the listing of highest paid CEOs in 2019. Cook has reported a yearly compensation at more than $130 million last year. Coming in at the third spot is Tom Rutledge of Charter Communications, Inc.
Also Read: Elon Musk Blames Throttle Valve Response For SpaceX Rocket Landing Failure
Tesla Model Y
Meanwhile, Musk is also hyping up the forthcoming Tesla Model Y, which he said will be "a revolution in automotive body engineering."
These are among the vehicles that will find its market in China and Europe, and also going to be produced in these locations.
These ventures will provide Tesla the opportunities to enhance the features of the SUV, currently being produced in the brand's factory in Fremont for the market in North America.
According to the CEO, this will just be the start. There was a patent application filed last year revealing how the new casting machine from Tesla will be utilized to construct Model Y. The company seeks to create more extensive usage of the mega casting technology with the lineup of its EV
The Gigafactory in Shanghai is hinted to be where the production of the Model Y cars will happen, primarily catering the Chinese clientele.
