⁍ Musk saw his riches surge more than $6 billion on Friday alone to $70.5 billion as the company’s market value capped off a week of fresh highs.

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⁍ The stock is up 259% in 2020 compared with the benchmark S&P 500 index’s 1% gain.

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⁍ Buffett, perhaps the world’s most famous investor, saw his fortune decline this week after giving away $2.9 billion worth of Berkshire Hathaway shares to charity.

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– Elon Musk has officially overtaken Warren Buffett as the richest man in the world. The Tesla CEO’s riches surged more than $6 billion on Friday to $70.5 billion, putting him at No. 7 on the Bloomberg Billionaires Index, while Buffett fell to 10th place with a net worth of $59.5 billion. The AP notes that Musk’s move up the list is largely due to Tesla’s soaring stock price, which is up 259% in 2020 compared to the benchmark S&P 500 index’s 1% gain. Oracle CEO Larry Ellison, a major Tesla shareholder, gained ground to come in at No. 11. (Musk recently compared Buffett’s wealth to that of a Coke or Pepsi CEO.) “It doesn’t make a lot of sense in most cases if you’ve basically organized a company,” Musk said in May. “How does this wealth arise? If you organize people in a better way to produce products and services that are better than existed before, and you have some ownership in that company, then that essentially gives you the right to allocate more capital.”