Elon Musk's fortune surpasses Warren Buffett's: Report

Musk is now the 7th-richest person in the world.

Tesla founder and CEO Elon Musk's fortune exceeded that of Berkshire Hathaway chairman Warren Buffett for the first time on Friday, according to the Bloomberg Billionaires Index.

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Musk's wealth grew by $6.1 billion to about $70.5 billion total Friday while Buffett's wealth has decreased about $20.1 billion since last year to $69.2 billion, the index shows.

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Google co-founder Sergey Brin and Reliance Industries Chairman Mukesh Ambani are also wealthier than Buffett but fall behind Musk with net worths of about $70.4 billion and $70.2 billion, respectively, according to Bloomberg.

Tesla and SpaceX Chief Executive Officer Elon Musk. (AP Photo/Evan Vucci)

Musk is now the seventh-wealthiest person in the world behind Amazon founder and CEO Jeff Bezos, Microsoft founder Bill Gates, LVMH Chairman Arnault Bernard, former Microsoft CEO Steve Ballmer, and Google co-founder Larry Page, according to the index.

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The Tesla CEO has passed major milestones in recent months. The carmaker's blistering stock rally has put him in reach of a payday worth $1.8 billion, his second jackpot in about two months, Reuters reported.

Tesla’s six-month average market capitalization has reached a record $138 billion, the news service reported. Hitting a six-month average of $150 billion would trigger the vesting of the second of 12 tranches of options granted to the billionaire to buy Tesla stock as part of his 2018 pay package, Reuters said.

Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each, Reuters said. At Tesla’s current stock price of $1,397, Musk would theoretically be able to sell the shares related to the tranche that vested in May and the upcoming tranche for a combined profit of over $3.5 billion, or $1.8 billion per tranche, the news service reported.

Musk doesn't take a regular salary from Tesla, whose stock closed at a record $1,544.65 Friday.

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His space manufacturing and tourism company, SpaceX, became the first private space firm to send astronauts into orbit on May 30.

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