Elon Musk Is Officially the World's (Second) Richest Person

Author:
Publish date:
Video Duration:
1:09

When you're talking billions, coming in second is generally still ok.

Tesla’s (TSLA) - Get Report CEO and co-founder Elon Musk hit yet another 2020 milestone this week, surpassing Microsoft (MSFT) - Get Report founder Bill Gates to become the world’s second-richest person.

Musk’s net worth soared US$7.2 billion to US$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 US$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 US$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.

Latest Videos From TheStreet and Jim Cramer: