Elon Musk beats Bill Gates to become world’s second richest man

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Tesla co-founder Elon Musk on Monday, dominated over Bill Gates to become the world’s second-richest person as his net worth climbed another $7.2 billion to $127.9 billion. His wealth is largely pushed by Tesla, which has a market value approaching $500 billion.

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

Tesla’s stock rose nearly 6.58 percent on Monday trading to a record close of $521.85, resulting in 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., also known as SpaceX, the Bloomberg report stated.

This is the second time in Bloomberg index’s eight-year history that Microsoft Corp. co-founder Bill Gates is ranked lower than number 2. Bill Gates was the richest person in the world for years before being hit by Amazon.com Inc. founder Jeff Bezos in 2017.

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