Elon Musk & Mukesh Ambani, both crossed Warren Buffett on the Bloomberg Billionaires Index as the fortune of Buffett drops and Tesla & Reliance gain significant shares.
Musk Crosses Buffett
Elon Musk, CEO of Tesla, just zoomed past Warren Buffett in on the Bloomberg Billionaires Index to become the seventh richest person in the world.
According to Bloomberg, Musk’s fortune soared more than $6 billion Friday after Tesla ‘s stock jumped 10.8 percent to a high of $1,544 per share. The market value was $286.5bn.
Musk owns 20.8 percent of Tesla’s shares, making just under $60 billion worth of its share. Musk is also SpaceX’s largest shareholder, as well as a privately owned tunneling firm.
Over the past 12 months, Tesla’s stock has risen more than 500 percent, exceeding the value of nearly every company in the S&P 500. The electric car maker is Earth’s most valuable automobile company.
The 49-year-old Musk could potentially become the richest person in the world – a position currently occupied by Amazon CEO Jeff Bezos – based on a compensation package accepted in 2018 by Tesla shareholders.
Tesla issued $1.8 billion worth of stock options in Musk at the end of May today. Now, it’s about to do so again in just over two months for the second time.
Musk’s compensation package includes a strategy that will potentially offer him 20.3 million stock options over ten years.
Ambani Surpasses Buffett
Reliance Industries Ltd. ‘s chairman now stands at $68.3 billion, surpassing Buffett’s $67.9 billion as of Thursday, according to the Bloomberg Billionaires List. Since a low in March, Ambani ‘s Indian conglomerate shares have more than doubled, as its digital unit received more than $15 billion in investments from companies including Facebook Inc. and Silver Lake. BP Plc paid $ 1 billion this week for a share in the fuel-retail sector at Reliance.
While the fortune of Ambani has jumped — he was the only Asian tycoon in last month’s exclusive club of the world’s top ten richest men.
Fall In Fortune Of Buffett
Last week, Buffett’s fortune fell after he gave charity $2.9 billion. The 89-year-old, regarded as Omaha’s Oracle, has fallen down the rankings since 2006, despite selling more than $37 billion in Berkshire Hathaway Inc. shares. The investment price of Berkshire Hathaway has also recently been underwhelmed.
Ambani, 63, is now the eighth richest person in the world, and according to the ranking that started in 2012, Buffett is seventh. India has emerged as a hot spot for this year’s M&A thanks to Ambani ‘s acquisitions, accounting for more than 12 percent of those listed in the Asia Pacific — the highest ratio since at least 1998.
