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Bill Gates loses the world’s second-richest person spot

Bill Gates is no longer the world’s second-richest person. Now, Elon Musk is the world’s second-richest person, after overtaking Gates on Monday.

The Tesla co-founder’s net worth jumped to $127.9 billion, clocking in an increase of $7.2 million, which was partly caused by an upsurge in Tesla’s shares.

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

A report published in Fortune posits that Elon Musk’s accumulation of wealth was largely caused by Tesla. Over three-quarters of his earnings were caused by Tesla.

Musk’s Tesla shares are valued over four more times more than his SpaceX shares.

For years, Bill Gates was the richest person in the world, before Amazon’s founder Jeff Bezos overtook his position in 2017. Currently, Gates’ net worth is $127.7 billion.

Gates’ dip in earnings is reportedly owing to his philanthropy and charity. Since 2006, Bill Gates has donated over $27 billion to Bill & Melinda Gates Foundation.

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