Elon Musk overtakes Bill Gates, becomes world's 2nd richest person

Andrew Cummings
November 24, 2020

His advance up the wealth ranks has been pushed largely by Tesla, whose market worth is approaching $500 billion.

A week ago, Elon Musk became the third-richest person in the world surpassing Facebook CEO Mark Zuckerberg.

The CEO of Tesla and SpaceX has overtaken Bill Gates to become the second richest man in the world, behind Amazon CEO Jeff Bezos, Bloomberg has assessed.

The 49-year-old entrepreneur's net worth rose by $7.2bn (£5.4bn) to $127.9bn.

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, reported Fortune.

The South African-born billionaire owns a 20 per cent stake in Tesla, which has seen its share price rise more than fivefold so far this year.

Musk's milestone marks exclusively the second time within the index's eight-year historical past that Microsoft Corp.co-founder Gates has ranked decrease than quantity two. It also marks the first time in eight years when Microsoft co-founder Bill Gates does not occupy one of the top three positions.

This year has been a wildly successful year for Musk - who saw his rocket company SpaceX send four astronauts into space earlier this month, fulfilling its first commercial contract with the U.S. space agency Nasa.

The report said that Gates' net worth would be higher but he has donated vast sums of money to charities over the year, including $27 billion to his Gates Foundation. The times have been unfair, with the world's richest gaining a combined 23 percent or $1.3 trillion in wealth since January while the pandemic has left the world's working class and poor unemployed. This news came after S&P Dow Jones Indices announced that Tesla will join its market index in December. Based on its market value, the electric auto maker would be one of the top 10 companies in the benchmark index upon entry.

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