Elon Musk Adds $100 Billion To Net Worth, Bypass Bill Gates As 2nd Richest

Elon Musk’s yr of dizzying ascents hit a brand new apex Monday because the Tesla Inc. co-founder handed Bill Gates to develop into the world’s second-richest particular person. The 49-year-old entrepreneur’s internet value soared $7.2 billion to $127.9 billion, pushed by one more surge in Tesla’s share worth. Musk has added $100.3 billion to his internet value this yr, essentially the most of anybody on the Bloomberg Billionaires Index, a rating of the world’s 500 richest individuals. In January he ranked thirty-fifth.

His advance up the wealth ranks has been pushed largely by Tesla, whose market worth is approaching $500 billion. About three-quarters of his internet value is comprised of Tesla shares, which are valued greater than 4 instances as a lot as his stake in Space Exploration Technologies Corp., or SpaceX.

Musk’s milestone marks solely the second time within the index’s eight-year historical past that Microsoft Corp. co-founder Gates has ranked decrease than quantity two. He held the highest spot for years earlier than being bumped by Amazon.com Inc. founder Jeff Bezos in 2017. Gates’s internet value of $127.7 billion could be a lot larger had he not donated so prodigiously to charity through the years. He has given greater than $27 billion to his namesake basis since 2006.

With Monday’s transfer, Musk unseats an occasional verbal sparring companion in Gates, who the Tesla billionaire has ridiculed on Twitter for, amongst different issues, having “no clue” about electrical vehicles. The two have additionally traded barbs over Covid-19. Gates, whose charitable basis is likely one of the preeminent our bodies backing vaccine analysis, has expressed concern over Musk’s said suspicion of pandemic information and embrace of sure conspiracy theories.

The yr has been a profitable one for the world’s richest individuals. Despite the pandemic and widespread layoffs which have disproportionately affected the world’s working class and poor, the members of the Bloomberg index have collectively gained 23% — or $1.3 trillion — because the yr started.

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