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

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

Tesla's stock rose almost 6.58 per cent on Monday trading to a record close of $521.85, accounting for Musk's highest single-day gains.

As forecasted by many in light of the Tesla share price's relentless climb, Elon Musk is officially the world's second richest person, surpassing Microsoft founder Bill Gates. 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.

Gates's net worth of $127.7 billion would be far higher were he not to have donated so much to charity over the years. In January he ranked 35th.

Tesla's current market value is close to $500 billion, and with three-quarters of Musk's net worth coming from Tesla shares, it makes sense for his net worth to reflect whatever is happening on the market.

Elon Musk has overtaken Bill Gates to become the world's second richest person.

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The latest development comes less than a week after Musk shot to number three on the Bloomberg Billionaires Index, displacing Facebook founder Mark Zuckerberg, Fortune reports. After posting its fourth consecutive profit in the second quarter of this year, Tesla became eligible to join the S&P 500 in December. He held the number one position for year before being displaced by Amazon founder Jeff Bezos.

In the battle of rich, white dudes becoming even richer, Elon Musk is winning.

Musk and Gates have already had a conflicting year as they have repeatedly disagreed over everything from the coronavirus to electric cars.

The jump in Musk's net worth places him second to Jeff Bezos, whose net worth stands at $182 billion.

With Monday's transfer, Musk unseats an occasional verbal sparring associate in Gates, who the Tesla billionaire has ridiculed on Twitter for, amongst different issues, having "no clue" about electrical vehicles.

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