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Tesla stock boosts Musk's net worth up billionaire rankings

Elon Musk. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

Elon Musk’s fortune has climbed by more than $6bn (£4.75bn) following a jump in Tesla’s (TSLA) share price of 10.8% on Friday’s (11 July) market close, according to the Bloomberg Billionaires Index.

The index tracks the wealth of the world’s 500 wealthiest individuals.

This ranks the business man as the seventh richest in the world, behind the likes of Amazon (AMZN) tycoon Jeff Bezos, Microsoft (MSFT) founder Bill Gates and Facebook (FB) entrepreneur Mark Zuckerberg.

Musk’s worth soared past the likes of hedge fund manager Warren Buffet, according to Bloomberg, who earlier this week donated $2.9bn in Berkshire Hathaway stock to charity.

Tesla’s stock has had a barnstorming year. Friday’s finish sees it nearly 270% higher than levels in January, and 546.5% higher than the same point a year ago.

This is owing, in part, to investor confidence in sales of the company’s Model 3 Sedan.

The rally puts Musk in line for a payday potentially worth $1.8bn, his second Tesla jackpot in as many months.

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The stock is on the cusp of joining the US’s prestigious S&P 500 index as it gears up to report its fourth consecutive quarter of gains on the 22 July.

The company’s worth has historically been sensitive to Musk’s posts on Twitter.

“Tesla stock price too high imo,” he tweeted on 1 May, knocking about $14bn off the company’s value.

The company currently has a market capitalisation of about $250bn.