Elon Musk and bill gate

Tesla Inc-co-founder Elon Musk overtakes Bill Gates to become world’s second richest person

Elon Musk electric car company’s value as risen following the announcement that it would join the S&P 500 index of leading US companies, driving its market value close to $500bn.

Tesla Inc. co-founder net worth soared US$7.2 billion to US$127.9 billion, driven by yet another surge in it’s share price.

Musk started this year in 37th position on the rich list. Last week he overtook Facebook founder and chief executive Mark Zuckerberg in third position and today he has surpass Microsoft co-founder Bill Gates to become the world’s second-richest person.

Musk has added US$100.3 billion to his net worth this year, the most of anyone on the Bloomberg Billionaires Index.

Tesla, market value is approaching US$500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX

Elon Musk

Amazon founder and chief executive Jeff Bezos remains at the top of the Bloomberg rich list, with an estimated net worth of $182bn (£136bn).

Tesla is the most valuable car company in the world by share price, with a market value of just over $494bn (£370bn).

Gates’s net worth of US$127.7 billion would be much higher had he not donated so prodigiously to charity over the years. He has given more than US$27 billion to his namesake foundation since 2006.