Elon Musk Beats Bill Gates to Become World's Second Richest Person

Elon Musk Beats Bill Gates to Become World's Second Richest Person

Elon Musk, the charismatic chief of electric automaker Tesla, has overtaken Bill Gates to become the world's second richest person, according to the Bloomberg list of billionaires.

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.

Bloomberg reported Monday that Musk, the CEO of Telsa, surpassed Bill Gates to become the world's second richest person behind Jeff Bezos. In January, he ranked 35th (yeah, we're still wrapping our mind around the jump from 35th richest to SECOND richest in less than a year).

Last week, it was reported that Tesla will be added to the S&P 500 index on December 21.

Elon Musk and Bill Gates have occasionally engaged in verbal spats.

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.

"The 49-year-old entrepreneur's net worth rose by $7.2bn (£5.4bn) to $127.9bn as the maverick chief executive of the electric auto company is now ranked immediately behind the Amazon boss, Jeff Bezos", read the publication.

According to Bloomberg, Musk now has a net worth of $127.9 billion (N48,755,480,000,000).

Musk edged past Bill Gates on Tuesday.

That followed Standard & Poor's announcement last week that the electric carmaker will join the S&P 500 on December 21, a move that had been anticipated amid better-than-expected earnings and sales, which in turn has driven Tesla's valuation to new heights.

The South African-born added $7.2 billion in wealth on Monday alone following Tesla's latest surge. Gates had held on to the top spot for years before losing it to Bezos in 2017. Based on its market value, the electric auto maker would be one of the top 10 companies in the benchmark index upon entry.

Related Articles