Elon Musk becomes seventh richest person as Tesla stock continues to rise

Tesla Inc CEO Elon Musk is now the seventh-richest person in the world, surpassing well-known investor Warren Buffett, as Tesla’s stock continues to increase. 

Musk surpassed Buffett on Friday once Tesla shares hit an all-time high, giving Musk a net worth of about $70.5 billion, approximately $1 billion more than Buffett, according to Bloomberg.

Tesla shares continued to increase and on Monday it hit another new high. The shares increased 12% in morning trading and brought the company’s market valuation to $325 billion, which made it the 10th-largest U.S. stock by market value. 

Investors now believe that Tesla could report a fourth straight quarter of GAAP profits when it publishes second-quarter results on July 22, indicated that it could be considered for inclusion in the S&P 500.

The company’s stock has increased 300% for the year.