Elon Musk passes Bill Gates to become the world’s second-richest person

Elon Musk marks only the second time in the index’s eight-year history that Microsoft Corp. co-founder Gates has ranked at number two. He held the first position for years before being hit by Amazon.com Inc. founder Jeff Bezos in 2017.

On November 23, Tesla CEO Elon Musk passed Bill Gates to become the second richest person in the world. The net worth of the 49-year-old entrepreneur’s soared from $7.2 billion to $127.9 billion driven by a rapid change in Tesla’s share price. He has added $100.3 billion to his net worth in 2020. At the beginning of this year, he ranked 35th in Bloomberg Billionaires Index.

Musk's advancement in the market has been largely driven by Tesla, whose market value is approximately $500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued four times than his stake in Space Exploration Technologies Corp. or SpaceX.

Read more : THESE banks offer up to 7% interest on one year fixed deposits                                                                   

The entrepreneur marks only the second time in the eight-year history of the index that Microsoft Corp. co-founder Bill Gates has ranked at number two. He held the first position for years before being hit by Amazon.com Inc. founder Jeff Bezos in 2017. Gates’s net worth of $127.7 billion would be much higher had he not donated to charity. He has contributed more than $27 billion to his namesake foundation since 2006.

2020 has been a profitable one for the world’s richest people. Despite the outbreak of pandemic have adversely affected the working class and poor, the members of the Bloomberg index have collectively gained 23% or $1.3 trillion since the year started.

This article is published on Good Newwws with an aim to spread positive news from within our country and all around the world to uplift and inspire millions to become more optimistic.