Elon Musk has become the second-richest person in the world. The Tesla co-founder touched the milestone by toppling Microsoft’s co-founder Bill Gates.

The 49-years old’s net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla’s share price. 

Musk has added $100.3 billion to his net worth this year, the most of anyone on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. In January he ranked 35th.

According to a report in Fortune, his advance up the wealth ranks has been driven largely by Tesla, about three-quarters, whose market value is approaching $500 billion. Musk’s net worth is mostly comprised of Tesla shares that are valued more than four times his stake in SpaceX.

Microsoft’s Bill Gates was the world richest man for years but Amazon INC’s Jeff Bezos overtook him in 2017. It is estimated that Gates’s net worth of $127.7 billion would be much higher, if he didn’t donate vehemently to the charities over the years. Gates donated more than $27 billion to Bill & Melinda Gates Foundation since 2006.

This is only the second time Gates has ranked lower than number two, according to the Bloomberg Billionaires Index’s eight-year history.

Source: Bloomberg

BDST: 1745 HRS, NOV 24, 2020
AP