Elon Musk Overtakes Sparring Partner Bill Gates As Second-Richest

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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.

With a market capitalisation approaching US$500 billion - not to mention Tesla's forthcoming inclusion within the S&P 500 starting from next month - for the time being, we can only expect Musk's wealth to snowball with every passing day.

In 2020, Tesla shares have surged more than 500% and the company is now valued at more than $500 billion.

On Monday, Elon Musk's net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla's share price [File: Justin Chin/Bloomberg] 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.

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According to Bloomberg, approximately 75% of Musk's wealth is comprised of Tesla shares (NASDAQ: TSLA). Recently, Elon Musk had ridiculed Bill Gates, saying the latter does not know about electric cars.

Despite the pandemic, shares of technology companies have been consistently rising resulting in increase of billionaires wealth like Jeff Bezos, Mark Zuckerberg, Elon Musk, etc. Only Amazon founder Jeff Bezos is worth more.

Gates, who has been dethroned as the second-richest, earlier this year touched on Musk's controversial comments about Covid-19, telling the automaker entrepreneur to stay in his lane. Based on its market value, the electric vehicle maker would be one of the top 10 companies in the benchmark index upon entry.

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.

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