Elon Musk is now worth more than Warren Buffett

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

Musk surpassed Buffett on Friday after Tesla shares hit an all-time high, giving Musk a net worth of about $70.5 billion, roughly $1 billion more than Buffett.

Tesla shares continued to surge Monday and hit another all-time high. Shares jumped 12% in morning trading and brought its market valuation to $325 billion, making it the tenth largest U.S. stock by market value. 

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

The company’s stock is up more than 300% for the year. 

CNBC’s Robert Frank and Pippa Stevens contributed to this report. 

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