World second-richest person Elon Musk

Elon Musk’s year of dizzying ascents hit a replacement apex Monday because the Tesla Inc. co-founder passed Gates to become the world’s second-richest person.

The 49-year-old entrepreneur’s net worth soared $7.2 billion to $127.9 billion, driven by yet one more surge in Tesla’s share price. Musk has added $100.3 billion to his net worth this year, the foremost of anyone on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. In January he ranked 35th.

His advance up the wealth ranks has been driven largely by Tesla, whose market price is approaching $500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued quite fourfold the maximum amount as his stake in Space Exploration Technologies Corp., or SpaceX.

Musk’s milestone marks only the second time within the index’s eight-year history that Microsoft Corp. co-founder Gates has ranked less than number two. He held the highest spot for years before being bumped by Amazon.com Inc. founder Jeff Bezos in 2017. Gates’s net worth of $127.7 billion would be much higher had he not donated so prodigiously to charity over the years. He has given quite $27 billion to his namesake foundation since 2006.

With Monday’s move, Musk unseats an occasional verbal sparring mate in Gates, who the Tesla billionaire has ridiculed on Twitter for, among other things, having “no clue” about electric trucks. the 2 have also traded barbs over Covid-19. Gates, whose charitable foundation is one among the preeminent bodies backing vaccine research, has expressed concern over Musk’s stated suspicion of pandemic data and embrace of certain conspiracy theories.

The year has been a lucrative one for the world’s richest people. Despite the pandemic and widespread layoffs that have disproportionately affected the world’s labor and poor, the members of the Bloomberg index have collectively gained 23% — or $1.3 trillion — since the year began.

This article was taken reference from livemint