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November 25, 2020 01:00 pm

Elon Musk Overtakes Bill Gates To Grab World's Second-Richest Ranking

An anonymous reader quotes a report from Bloomberg: Elon Musk's year of dizzying ascents hit a new apex Monday as the Tesla co-founder passed Bill Gates to become the world's second-richest person. The 49-year-old entrepreneur'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. His advance up the wealth ranks has been driven largely by the electric automaker, whose market value hit $500 billion after Tesla shares rallied further on Tuesday. About three-quarters of his 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. Musk's milestone marks only the second time in the index's eight-year history that Microsoft Corp. co-founder Gates has ranked lower than number two. He held the top spot for years before being bumped by Amazon.com founder Jeff Bezos in 2017.

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