The day of bewildering climbs for Elon Musk reached a new peak on Monday as the Tesla co-founder surpassed Bill Gates to become the second-richest person on earth.
The net worth of the 49-year-old billionaire rose from $7.2 billion to $127.9 billion, powered by yet another spike in the share price of Tesla.
This year, Musk added $100.3 billion to its net worth, the highest on the Bloomberg Billionaires Index, a list of the 500 richest individuals in the world. He was ranked 35 in January.
His advance in the ranks of capital was driven primarily by Tesla, whose market cap is close to $500 billion. Approximately three-quarters of its net worth consists of Tesla stock, priced more than four times as much as its Space Exploration Technology or SpaceX interest.
In the index’s eight-year history, Musk’s landmark constitutes just the second time that Microsoft co-founder Gates has ranked lower than number two. Before being displaced by Amazon.com founder Jeff Bezos in 2017 he held the top position for years.
If he had not contributed too extravagantly to charities over the years, Gates’ net worth of $127.7 billion would be even higher. Since 2006, he has provided his legacy charity more than $27 billion.
Musk unseats an occasional verbal sparring partner in Gates with Monday’s step, which the Tesla billionaire has mocked on Twitter for having no clue” about electric vehicles, among other items.
The two have exchanged barbs over Covid-19 as well. Gates, whose private foundation is one of the leading bodies funding vaccine research, has voiced alarm about Musk’s documented skepticism of pandemic evidence and approval of such hypotheses of conspiracy.
This year has been a profitable one for the wealthiest individuals in the world. The members of the Bloomberg index have collectively earned 23 percent or $1.3 trillion since the year started, amid the pandemic and massive layoffs that have overwhelmingly impacted the world’s middle class and disadvantaged.