Elon Musk is now worth more than Warren Buffett as Tesla stock continues to break records. As of Friday, Musk is worth about $70.5 billion, roughly $1 billion more than Buffett.
Tesla CEO Elon Musk is now the seventh-richest person in the world. He has already surpassed legendary investor Warren Buffett thanks to Tesla’s stock, which is continuously skyrocketing.
Tesla stock continues to break records
As of Friday, Musk is worth about $70.5 billion, approximately $1 billion more than Buffett. The rise happened after Tesla’s stock hit an all-time high that day.
Tesla’s stock reached a unique intraday high of $1,760 on Monday, just as tens of thousands of new investors were flooding into the capital using the online brokerage Robinhood.
Robintrack, a site that tracks the holdings of Robinhood users, revealed that the number of Robinhood users holding Tesla shares soared from 408,000 at the start of Monday to 458,000 at the end of the day. That is a jump from a total of 50,000 users.
According to Forbes, over 457,000 Robinhood users now hold Tesla – representing a single-day increase of 12%, bringing the car company’s market valuation to $325 billion. With that said, Tesla has become the 10th-largest U.S. stock by market value.
Stock trading apps like Robinhood
The introduction of commission-free stock trading mobile apps is what people need right now, especially since we are stocked at home. Robinhood, Webull, and eToro are three of the best examples that have prompted traditional brokerages like Fidelity to offer no-fee stock trades to compete.
Robinhood stands out from other online brokerage services and applications, though, thanks to zero commissions and the ability to trade a fraction of a share. Because of that, the platform has become popular among small-time and amateur investors.
And with what’s happening to Tesla now, Musk has reason to celebrate, and so do shareholders.
“If you have lived through the volatility and all the tweetstorms and massive short-sided attacks, good for you,” says Shawn Kim, a research analyst at Gabelli Funds who made a bullish call on Tesla when the shares traded under $300 last year.
In April 2019, Tesla looked like a great buy because of insider buying at the company, but also because sentiment was so dark that short-sellers were showing over-the-top hubris. That turned out to be right as Tesla’s stock is still skyrocketing and has soared 450%.
Now Musk is doing the same thing. On Twitter, the CEO is taking victory laps and tweaking short-sellers who carelessly bashed him and his company for so long. Now, Tesla won!