Elon Musk is now worth more than Warren Buffett as Tesla stock continues to break records

If Tesla reports a fourth straight quarter of profits, it could finally qualify for inclusion in the S&P 500.
Key Speakers At The Satellite 2020 Conference
SpaceX founder and Tesla CEO Elon Musk during a discussion at the Satellite 2020 Conference on March 9, 2020 in Washington.Andrew Harrer / Bloomberg via Getty Images

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By Jessica Bursztynsky, CNBC

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, according to Bloomberg’s calculations.

Tesla shares continued to surge Monday and hit another new high. The shares jumped 12 percent in morning trading and brought the company’s market valuation to $325 billion, making it the 10th-largest U.S. stock by market value.

Investors now believe that Tesla could report a fourth straight quarter of 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 percent for the year.