Elon Musk Becomes Second Richest Person In The World; Overtakes Bill Gates

The increase in Musk's wealth places him second to Jeff Bezos, who is now the world's richest person with a net worth of $182 billion.

His wealth is largely driven by Tesla, which has a market value approaching $500 billion.

While Mr Musk may have responded with only a monosyllabic "wow", his fans flooded social media with memes as news of him overtaking Bill Gates as the world's second richest person spread. The index is a ranking of the world's 500 richest people.

According to the Blomberg Billionaire Index, Elon's net worth hit a high on Monday as share prices continued its surge from $7.2 billion to $127.9 billion and with the company's inclusion in the S&P 500 index raising stock value close to $500Billion.Meanwhile, Gates stocks also moved from $67.3 billion to $127.7 billion which puts him in the third spot.

Despite the pandemic, shares of technology companies have been consistently rising resulting in increase of billionaires wealth like Jeff Bezos, Mark Zuckerberg, Elon Musk, etc.

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Amazon founder Jeff Bezos has been the world's richest man since 2017, when he bumped Bill Gates from the top spot. Gates's net worth of $127.7 billion would be much higher had he not donated so prodigiously to charity over the years.

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

The South African-born billionaire owns a 20 per cent stake in Tesla, which has seen its share price rise more than fivefold so far this year.

Tesla will enter the S&P 500, a stock market index that measures the performance of 500 large companies listed on the United States stock exchange, on December 21 after it failed to make the cut back in September.

After some production challenges, Tesla has massively scaled up its output of electric cars, which have proved popular - the Model 3 is the best-selling luxury vehicle in America.

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