Musk overtakes Buffet as world's 7th richest man

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Tesla CEO Elon Musk's wealth has just raced passed fellow billionaire Warren Buffet and made him the world’s seventh richest person.

According to the Bloomberg Billionaires Index, Musk's fortune rose by a staggering $6.07 billion on Friday (July 10) which followed an almost 11% jump in the electric carmaker's stock.

The switch with Buffet came in the same week as he donated $2.9 billion of Berkshire Hathaway's stock to charity.

Tesla is enjoying a particularly successful period, shares have surged 500% over the past year as the company increased sales of its Model 3 sedan.

Musk is now in line for a stock option payday potentially worth $1.8 billion dollars, which could set him on the road to overtaking Amazon’s Jeff Bazos as the world’s richest man.

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