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Elon Musk beats Bill Gates to become world's second richest man Elon Musk
Image Credit: wikipedia.org

Elon Musk beats Bill Gates to become world's second richest man

India Blooms News Service | @indiablooms | 24 Nov 2020, 09:47 pm

Washington/UNI: Billionaire entrepreneur Elon Musk on Monday surpassed Bill Gates to become the world's second-richest person.

Musk is the founder, CEO, CTO and chief designer of SpaceX; CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI on Monday surpassed Bill Gates to become the world's second-richest person.

The 49-year-old entrepreneur's net worth soared by $7.2 billion to $127.9 billion, driven by another surge in Tesla's share price. 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, according to the LA Times.

His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion.

About three-quarters of his net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.