Elon Musk has overtaken Microsoft co-founder Bill Gates and is now the world’s second richest person, according to the Bloomberg Billionaires Index. Musk’s net worth is now around $128 billion and is majorly due to an increase of $100 billion this year.

The Tesla and SpaceX CEO is still way below the world’s richest person spot currently held by Amazon CEO Jeff Bezos. Bezos has a reported net worth of around $182 billion.

To show how far Musk has come, In January 2020 he was ranked 35th on the list according to Bloomberg. Musk’s sharp rise on the Billionaires list has majorly been driven by Tesla’s share price. Bloomberg reports that around three-quarters of Musk’s net worth consists of Tesla shares.

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The electric car company has a market capitalisation of almost $500 billion at the moment. At the beginning of the year, the capitilisation was under $100 billion. According to the Guardian Tesla has the highest market capitalisation of any car company in the world. This is in spite of producing just a fraction of the cars of more established automakers.

The company expects to produce 500,000 cars this year which is a tiny number in comparison to say Toyota who expects to produce around 10 million cars.

SpaceX has also been recently successful. The company recently transported four astronauts to the International Space Station aboard its Crew Dragon spacecraft. Earlier in the year, it made its first crewed flight to space.

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