Elon Musk overtakes Bill Gates to become world’s second-richest man
Tesla Inc. co-founder Elon Musk has overtaken Bill Gates to become the world's second-richest person. The development comes as the 49-year-old entrepreneur’s year of dizzying ascents hit a new apex Monday. Elon Musk's net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla’s share price. According to a Bloomberg report, 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.
Tesla, whose market value is approaching $500 billion is contributing the most to his wealth ranks.
Nearly three-quarters of Elon Musk's net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.
With this, Microsoft Corp. co-founder Bill Gates, for the second time in the index’s eight-year history, has ranked lower than the second position.
Gates held the top spot for years before being bumped by Amazon.com Inc. founder Jeff Bezos in 2017.
Bill Gates has contributed a lot to charity over the years and has given more than $27 billion to his namesake foundation since 2006.
