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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.

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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.

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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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