Monday, August 10, 2020

Elon Musk becomes the 7th richest man, passing Warren Buffett

The CEO of Tesla, Elon R Musk, surpassed Warren Buffett on 10th July and became the 7th richest man as per the Bloomberg Billionaires Business Index. His fortune rose to more than $6 billion, according to Bloomberg, after Tesla’s stock surged 10.8% to a record of $1,544 per share, and the CEO took to Twitter reporting Tesla shares to be at an all-time high. The company’s market value stood at $286.5 billion.

Warren Buffett donated about $3 million worth of Berkshire Hathaway stock to charity, part of his plan to give away most of his wealth to philanthropic ventures which caused his devaluation and Elon Musk to rise, who now owns 20.8% of the Tesla shares making him a major stakeholder of SpaceX as well as a privately held tunneling company.

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Tesla’s stock is up more than 500% over the past 12 months, exceeding the value of almost every company in the S&P 500. The electric car maker is the most valuable auto company on Earth.

The 49-year-old Musk could eventually become the world’s richest person, a spot currently held by Amazon CEO Jeff Bezos, based on a pay package that Tesla shareholders approved in 2018. At the end of May, Tesla granted Musk stock options worth $1.8 billion today. Now, it’s about to do that again — for the second time in just over two months.

Musk’s pay package lays out a plan that could eventually give him 20.3 million stock options over the course of 10 years.

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Elon, infamously known for tweeting juicy stuff, also released Red Limited Edition Shorts to prove to the investors that shorted his company in the past. Elon is simply a badass mastermind who knows how to dominate the international business.

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