Elon Musk soars past Bill Gates to become second richest person

Elon Musk Is Now The World's Second Richest Person

Elon Musk Beats Bill Gates to Become World's Second Richest Person

His net worth is now $128 billion.

Musk's advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500bn after its share price increased 500pc this year. Bezos is still far ahead with a net worth of $182 billion. However, to unlock the maximum payout of $55.8 billion, Musk must build Tesla into a $650 billion company by the year 2028.

Elon Musk's year of dizzying ascents hit a new apex Monday as the Tesla Inc.co-founder passed Bill Gates to become the world's second-richest person.

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Tesla reported its fifth consecutive quarter of profit with third-quarter revenue of $8.77billion. At the time of Musk's prediction, its market cap was under $45 billion. Moreover, in 2020 alone, Musk's net worth saw addition of $100.3 billion, the most for any person on the Bloomberg Billionaires Index.

Musk and Gates have already had a conflicting year as they have repeatedly disagreed over everything from the coronavirus to electric cars.

As it stands, Tesla is already the most valuable auto maker in the world, despite making a fraction of the number of vehicles that are churned out by more established manufacturers such as General Motors, Volkswagen, Ford and Toyota.

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That Musk had surpassed Gates came as news to Twitterati who expressed their astonishment with hilarious memes.

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

The rise of Elon Musk's wealth has been due to the rising share price of Tesla, which ended at $521.85 on the stock exchanges on Monday.

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Musk's net worth is not exclusively down to a large stake in Tesla, but also to his other companies, space exploration group SpaceX and infrastructure and construction firm The Boring Company.

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