Elon Musk is Now Wealthier Than Bill Gates

Tesla’s CEO, Elon Musk, has replaced Microsoft founder, Bill Gates, as the world’s second-richest person.

According to the Bloomberg Billionaires Index, Musk’s total net worth reached $127.9 billion on Monday after an increase of $7.24 billion driven mainly by a surge in Tesla’s share price.

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When 2020 started, Musk ranked 35^th at the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. Since then, the 49-year-old has added $100 billion to his total net worth, the most by anyone on the index.

Bill Gates’ net worth reached $127.7 billion after an increase of $67 million. He has added $14.5 billion to his total net worth this year.

For Gates, it is only the second time in the index’s eight-year history that he has ranked below second place.

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Till 2017, Gates ranked as the richest person on the index before being replaced by Amazon’s founder Jeff Bezos, whose total net worth reached $182 billion after a decrease of $713 million. Bezos has added $67 billion to his total net worth since the start of the year.

Overall, the world’s 500 richest people have registered a collective increase of 23% or $1.3 trillion in their wealth since the start of the year despite the Coronavirus pandemic that has disproportionately affected the working-class and poor around the world.