Elon Musk overtakes Bill Gates to become world's second-richest person after surge in Tesla shares

Elon Musk overtakes Bill Gates to become world's second-richest person after surge in Tesla shares

Elon Musk on Monday overtook Bill Gates to becomes the second-richest person in the world as the Tesla co-founder's net worth soared from $7.2 billion to $127.9 billion, driven by a surge in the company's shares. This year, Elon Musk has added $100.3 billion to his net worth, according to Bloomberg Billionaires Index.

According to a report in Fortune, Elon Musk's wealth ranks have largely been driven by Tesla i.e., about three-quarters. His net worth is mostly comprised of Tesla shares that are valued more than four times his stake in SpaceX.

Bill Gates held the top ranking for years before being overtaken by Amazon.com founder Jeff Bezos in 2017. Bill Gates's net worth is $127.7 billion.

According to the Fortune report, it would have been much higher had he not made donations so prodigiously to charities. Since 2006, Bill Gates has given more than $27 billion to the Bill & Melinda Gates Foundation.

Elon Musk and Bill Gates have occasionally engaged in verbal spats. Recently, Elon Musk had ridiculed Bill Gates, saying the latter doesn't know about electric cars.

While responding to a question on Bill Gates's "declarations" on electric trucks, Elon Musk said, "He has no clue."

Way back in February, Bill Gates had said that he was not fond of Tesla cars and that he won't buy one. To which Elon Musk said, "My conversations with Gates have been underwhelming tbh."