Tesla's rise and Buffet's charitable giving have made the race to the 7th wealthiest person in the world interesting.

Warren Buffett the world renowned investor has recently seen his fortune decrease after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity. Buffet has taken a pledge to give away most of his fortune.

On Friday, Tesla's stock surged 10.8% to a record $1,544 per share. Its market value stood at $286.5 billion. Since Musk owns 20.8% of Tesla's stock his stake is currently worth slightly under $60 billion. Tesla's stock is up more than 500% over the past 12 months, surpassing most of the companies in the S&P 500. Musk is also the majority shareholder of privately held SpaceX..

Based on estimated values of the private companies and the skyrocketing Tesla, Elon Musk has past Warren Buffett on the Bloomberg Billionaires Index to become the world's 7th wealthiest person.

There is speculation that Musk could eventually surpass Amazon CEO Jeff Bezos who currently holds the number 1 spot. At the end of May, Tesla gave Musk stock options worth $1.8 billion at their current price. He also has reached the contractual obligation to be issued another 1.8 billion worth as well. Musk's multi billion dollar pay package say that if he reaches certain predefined goals he could eventually acquire 20.3 million stock options over the course of 10 years.

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Economics, Finance and Investing