Move over, Oracle. There's a bigger billionaire on the block.
Elon Musk, the eccentric and controversial CEO of Tesla Inc (NASDAQ: TSLA), SpaceX and The Boring Company, has officially passed the legendary Warren Buffett on Bloomberg's Billionaire Index. Musk is now the seventh-richest person in the world.
Tesla's Huge Run
Tesla's stock has been on an amazing tear in 2020, rising from $430 to $1,544 per share, good for a nearly 270% gain.
"[Musk] owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his $70.5 billion fortune. His majority ownership of closely held SpaceX accounts for about $15 billion," according to Bloomberg. "The company’s booming valuation helped Musk land a $595 million payday, making him the highest-paid CEO in the U.S."
Musk said in a tweet back on May 1 that Tesla's stock price was "too high." Shares have more than doubled since that tweet.
Musk's $70 billion worth still puts him well behind the world's richest person, Amazon.com (NASDAQ: AMZN) CEO Jeff Bezos, by about $120 billion.
Image via Bloomberg.
Musk Vs. Buffett
Back in May, Musk spoke about Buffett on Joe Rogan's podcast when Rogan asked if the term “billionaire” has become pejorative.
“So when you take Warren Buffett for example — and to be totally frank I'm not his biggest fan — he does a lot of capital allocation. He reads a lot of annual reports of companies, all the account, and it's pretty boring honestly. What he's trying to figure out is 'does Coke or Pepsi deserve more capital,” Musk said.
Musk told Rogan too many intelligent people go into fields like finance and law: “We should have, I think, fewer people doing law, fewer people are doing finance, and more people making stuff."
Photo by Steve Jurvetson via Wikimedia.
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