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

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

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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.

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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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