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Elon Musk surpasses Bill Gates to become the world’s second-richest person

Elon Musk, the co-founder of Tesla, has overtaken Bill Gates to become the world’s second-richest person as his net worth soared another $7.2 billion to $127.9 billion.

His wealth is largely driven by Tesla, which has a market value approaching $500 billion.

The 49-year-old entrepreneur has added more than $100 billion to his net worth since January this year making him one of the fastest-growing among the world’s 500 richest people. He began the year by ranking 35th on the Bloomberg Billionaire Index.

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Tesla’s stock rose nearly 6.58 per cent on Monday trading to a record close of $521.85, accounting for Musk’s highest single-day gains.

About three-quarters of his net worth consists of only Tesla shares, valued more than four times as much as his stake in Space Exploration Technologies Corp., better known as SpaceX, a Bloomberg report stated.

This is the second time in Bloomberg index’s eight-year history that Microsoft Corp. co-founder Bill Gates ranked lower than number two. Gates was the richest person in the world for years before being bumped by Amazon.com Inc. founder Jeff Bezos in 2017.

Currently, Bezos holds the top position as the world’s wealthiest individual with a fortune of $182 billion. His net worth increased by over $67 billion this year.

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