When last we heard from the Tesla CEO Elon Musk, he had just released the Tesla shorts which sold for $69.420 and sold out faster than hotcakes. The 420 cents in the price symbolized the stock price at which people can invest in, despite critics saying that Musk is short-selling the company.
The release of the Tesla shorts come at a time where the Tesla will be giving out its stock report on July 22 or July 29 after the closing bell for the stock exchange day has been rung to determine whether or not the company will be able to achieve four profitable quarters in a row--a full year--for the first time in the company's history.
However, it seems like that we don't have to wait till next week to find out that Elon Musk is officially richer than business tycoon Warren Buffett after a boom in Tesla stock, which rose as much as 14% on Monday, July 13.
In a report from the Daily Mail, the stock's rise before a retreat into negative territory briefly increased the company's value to $321 billion making Tesla the 10th largest US stock by market value, ahead of Procter & Gamble.
Thanks to this boom in the market, Musk is now the 7th richest person in the world.
While Musk's fortune rose by $6.07 billion on Friday, Buffett's net worth dropped last week when he donated $2.9 billion in Berkshire Hathaway stock to charity.
Although Musk doesn't receive a salary from his own company because of his contract, he is entitled to bumper stock option payouts if the company reaches a series of targets which isn't surprising considering how much Tesla has been profiting.
Elon Musk Bio
Musk was born on June 28, 1971, in Pretoria, South Africa. At a young age, he was often so immersed in his daydreams about inventions that his parents took him to see a doctor in order to test his hearing.
His mother was a Canadian model called Maye Musk who is known to be the oldest woman to be featured in a Covergirl campaign while his father Errol, was a wealthy South African engineer.
He was 10 years old where he developed an interest in computers. He's a self-taught programmer and sold his first game called Blastar at age 12 for less than $1000.
In order to avoid mandatory military service, he moved to Canada in 1989 and studied in Queen's University just to gain an American citizenship.
3 years after, he moved to the University of Pennsylvania to study business and physics. He launched his first company, Zip2 Corporation in 1995 at just 24 years old. Musk became a U.S. citizen in 2002.
And they say the rest is history.