Tesla's Elon Musk Is Now the World's Second-Richest Person

Elon Musk, the 49-year-old CEO and co-founder of Tesla, surpasses Microsoft founder Bill Gates to become the world’s second-richest person.

Tesla’s  (TSLA) - Get Report Elon Musk is having a very good 2020.

The 49-year-old Tesla CEO and co-founder hit another milestone on Monday, surpassing Microsoft  (MSFT) - Get Report founder Bill Gates to become the world’s second-richest person.

Musk’s net worth soared $7.2 billion to $127.9 billion on Monday, driven by yet another surge in Tesla’s share price, which has continued to march forward ahead of the company’s inclusion in the S&P 500 index, and on a parade of analyst upgrades.

Through 2020, Musk has added $100.3 billion to his net worth, according to the Bloomberg Billionaires Index, the most of any of the 500 billionaires the index tracks, driven by Tesla’s ever-gaining market value, which is now approaching $500 billion.

Musk ranked 35th on the index at the start of the year. Roughly three-quarters of Musk’s net worth is comprised of Tesla shares. Amazon.com  (AMZN) - Get Report founder Jeff Bezos has held the No. 1 spot on the index sine 2017.

Tesla's market value rose to near $500 billion on Monday after the stock jumped nearly 7% on the back of an upgrade from Wedbush Securities’ Daniel Ives, who lifted his one-year price target to $560 from $500 and said his new bull case was $1,000.

That followed Standard & Poor’s announcement last week that the electric carmaker will join the S&P 500 on Dec. 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.

Shares of Tesla ended the trading day Monday up 6.58% at an all-time closing high of $521.85. Tesla stock has risen more than 523% so far this year, and was up 3.23% in trading Tuesday to $538.69.

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