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

New York: Elon Musk overtook Bill Gates to becomes the second-richest person in the world as the Tesla co-founder’s net worth soared from $7.2 billion to $127.9 billion.

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 Tesla, whose market value is approaching $500 billion. 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.

Bill Gates held the top ranking for years before being overtaken by Amazon.com founder Jeff Bezos in 2017. Bill Gates’s net worth is $127.7 billion.

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