Elon Musk's fortune surpasses Warren Buffett's

Ruben Fields
July 11, 2020

Despite the coronavirus pandemic, 2020 has been a boom year for Tesla with share prices rising 269%.

At the end of May, Tesla granted Musk stock options worth US$1.8 billion ($2.6b) today.

He's devised a hugely complicated pay structure that we won't get into here, but it allows him to buy huge amounts of heavily discounted Tesla stock when the company reaches certain goals regarding profitability and market capitalisation milestones. Tim Cook, Alphabet Inc.'s Sundar Pichai, Microsoft Corp.'s Satya Nadella and Robert Swan of Intel Corp. together make more than half a billion dollars, and this shows just how well tech companies are doing these days.

He is also making history as the first entrepreneur from the tech industry who has surpassed Warren Buffett in the ranking of the world's richest.

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Buffett's fortune fell this week after he donated almost US$3 billion ($4.3b) worth of Berkshire Hathaway stock to charity - part of his plan to give away most of his wealth to philanthropic ventures. "That's a classic speculative bubble". The 89-year-old has given away more than $37 billion of Berkshire Hathaway shares since 2006.

In third place was Tom Rutledge, CEO of Charter Communications, with annual compensation of $116.9 million.

These are among the vehicles that will find its market in China and Europe, and also going to be produced in these locations.

These ventures will provide Tesla the opportunities to enhance the features of the SUV, now being produced in the brand's factory in Fremont for the market in North America.

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