Elon Musk is officially the world’s second-richest person, according to Bloomberg’s Billionaires Index. The 49-year-old Tesla CEO saw his net worth soar by roughly $7 billion to $128 billion on Monday, when Tesla’s market cap surpassed $500 billion. Previously holding the record for second-richest person was Microsoft pioneer Bill Gates, who is now just under Musk, with $127.7 billion.
In what has been a tumultuous if not disastrous year for countless businesses, big tech has thrived and Tesla has reaped the benefits. In January, after the company shared a substantial profit for the fourth quarter of 2019, Tesla stock shot up 12%. Consistently delivering news of profitability, the electric car vehicle titan has continued to shine as an investor favorite, with its stock up almost 730% this year. Tesla stock has been even hotter since President-elect Joe Biden won as investors anticipate an administration that will support climate change initiatives and tech companies that innovate in the eco space, like Tesla. As Tesla’s worth has catapulted, so too has Musk’s.
The only person ahead of the Tesla CEO when it comes to net worth is Jeff Bezos, who stole the top spot from Gates in 2017. The Amazon boss boasts a net worth of $182 billion.
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This article originally appeared on GOBankingRates.com: Elon Musk Passes Bill Gates To Become World’s Second-Richest Person