Elon Musk overtakes Bill Gates to become world’s 2nd richest person
Musk was ranked 35th in Bloomberg Billionaires Index at the start of the year has grown fast adding $100. 3 billion to his net worth in 2020.
November 24, 2020 12:52
New Delhi: Tesla CEO Elon Musk overtook Microsoft co-founder Bill Gates to becomes the second-richest person in the world. Musk’s net worth surged from $7.2 billion to $127.9 billion driven by a surge in the company’s shares. Musk was ranked 35th in Bloomberg Billionaires Index at the start of the year has grown fast adding $100. 3 billion to his net worth in 2020.
Elon Musk’s growth has been driven largely by Tesla, whose market value is nearing $500 billion. Musk was forced to give up his position of Chairman in the electric car manufacturing firm in 2018 after he was sued by US Securities and Exchange Commission.
Tesla, whose stock closed at $408.09, surged about 14 percent on November 17, raising Musk’s net worth to $117.5 billion, according to the Bloomberg Billionaires Index.
Tesla will enter the S&P 500 on Dec. 21 following months of speculation, and one temporary setback, after the stock failed to make the cut during the index’s quarterly rebalancing in early September. Tesla would be the biggest new entrant in the group’s history.
Tesla shares have soared 387.8 percent this year as the company is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles. Tesla earned $331 million in the third quarter on revenue of $8.77 billion.
