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.
Covid Vaccine Could Reach First US By Mid-December: Top Health Official
Pfizer's experimental vaccine requires ultracold storage, at about -70°C. There are new efforts on the race for a vaccine for Covid-19.
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.
Oxford University and AstraZeneca release their COVID-19 vaccine results
Today it's AstraZeneca who said its vaccine efficacy ranged from 62% to 90% depending on the dosage given, with an average of 70%. Despite the speed of which the Covid-19 vaccines have been developed, all safety measures have been observed.
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.
AstraZeneca Covid-19 vaccine is 70% effective on average, data show
Experimental vaccines developed by United States pharmaceutical companies Pfizer and Moderna had shown around 95 percent efficacy. The firm said it would look to develop up to three billion doses of the vaccine in 2021 after passing regulatory hurdles.
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.