Tesla founder Elon Musk overtakes Bill Gates to become world’s 2nd richest person

Elon Musk, the founder and CEO of Tesla Inc and SpaceX has become the world's second-richest person, overtaking Microsoft's co-founder Bill Gates on Monday. The 49-year-old billionaire's net worth raised to $127.9 billion.

In January, Musk was at the 35th spot of the Bloomberg Billionaires Index--a ranking of the world's 500 wealthiest people. Musk added $100.3 billion to his net worth in 2020, more than any other person on Bloomberg's ranking of the top 500 richest people in the world. Musk remains behind Bezos who sits about $182 billion in net worth.

Last year in November, Gates reclaimed the "richest person on earth" title after his net worth surged to $110 billion.

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At present, Gates's net worth is $127.7 billion. It would be much higher had he not donated so extensively to charity over the years. He has given more than $27 billion to his namesake foundation since 2006.

Meanwhile, Tesla shares rose 6 per cent on Monday, approaching a $500 billion market value and extending gains to 27%  since news a week ago that the electric car maker will debut in the S&P 500 in December.

Up about 500 per cent in 2020, Tesla has become by far the world's most valuable automaker.

Tesla is now five times more valuable than General Motors and Ford combined.

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