Elon Musk is now richer than Warren Buffett as Tesla’s stock hits an all-time high; his riches rose $6.1 billion in just one day

On Monday, we wrote about Tesla after the electric company reached a major milestone with a market cap of $250 billion. Since then, Tesla stock has gone up by another $8.46 billion as of market close today. The shares of Tesla have risen 269% in 2020 alone. As Tesla stock soars, so is the fortune of its founder, Elon Musk.

Today, Elon Musk is now worth $70.5 billion, officially surpassing that of Warren Buffett on Friday, according to the Bloomberg Billionaires Index. Musk’s fortune boost is fueled by Tesla’s skyrocketing stock price. Tesla is now valued at $286.33 billion as of close of market today. Musk, the CEO of Tesla and the electric-car maker’s biggest shareholder, is now No. 7 on the Bloomberg Billionaires Index, up from No. 12.

Tesla stock closes at $1,544.65 per share. The booming valuation helped Musk land a $595 million payday earlier this year, making him the highest-paid CEO in the U.S.

Musk saw his riches rose more than $6 billion on Friday alone to $70.5 billion as the company’s market value capped off a week of fresh highs. The stock is up 269% in 2020 compared with the benchmark S&P 500 index’s 1% gain.