Elon Musk becomes second-richest person in the world, overtakes Bill Gates after surge in Tesla shares

Elon Musk on Monday became second-richest person in the world leaving behind Bill Gates. Tesla co-founder's net worth soared from $7.2 billion to $127.9 billion, driven by a surge in the company's shares.

According to Bloomberg Billionaires Index, Elon Musk has added $100.3 billion to his net worth in 2020. 

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.