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Elon Musk Overtakes Bill Gates To Become Second-Richest Person On Earth

by : Emma Rosemurgey on : 24 Nov 2020 07:50
Elon Musk Overtakes Bill Gates To Become Second-Richest Person On EarthPA Images

Elon Musk is now the second richest person in the world, overtaking Microsoft co-founder Bill Gates.

It comes just weeks after the Space X CEO overtook Facebook’s Mark Zuckerberg in the rankings, leaving him shortly behind Amazon’s Jeff Bezos.

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Musk has shot to the top of the leader board in terms of riches this year, after he was ranked as the 25th richest person in the world, according the Bloomberg Billionaires Index, back in January.

Elon MuskPA Images

He is now said to be worth an eye-watering $127.9 billion, up from an already impressive $7.2 billion, after share prices surged on his electric car company Tesla, according to Bloomberg.

With shares now worth up to five times their original value, and Musk owning 20% of the California-based company, it’s unsurprising he has climbed so high in terms of the richest person leader board.

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Tesla is now set to join the S&P 500, a stock market index that measures the performance of 500 US based companies, on December 21.

Bill GatesPA Images

To be eligible, a company has to have a market capitalisation of a minimum of $8.2 billion, be liquid and at least half of its shares must be available to the public. Tesla had previously failed to make the cut in September.

Around three quarters of 49-year-old Musk’s wealth is down to Telsa shares, while the rest is made up of his stake in Space Exploration Technologies Corp and his beloved SpaceX.

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While SpaceX doesn’t bring even half as much value, it has still been a huge year for the company, after it successfully launched four NASA astronauts into space.

Elon MuskPA Images

Thanks to his recent surge in net-worth, Musk has knocked Bill Gates down from second place, meaning the Microsoft mogul has taken the number three spot for only the second time.

Gates, who is known to give large sums of money away to charities and organisations in need, previously held the top spot for many years, until he was overtaken by Bezos.

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He said currently said to be worth $127.7 billion, however this sum would be much higher, if he hadn’t opted to give so much away over the years.

Amazon CEO Jeff BezosPA Images

Earlier this year, Bezos became the first person in the world to surpass a $200 billion net-worth, thanks to a huge surge in Amazon sales during the pandemic.

He reached the milestone on August 26, when Amazon share prices soared to more than $3,404 per share, for the first time ever.

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Emma Rosemurgey

Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.

Topics: News, Bill Gates, Elon Musk, Jeff Bezos, Now, Tesla

Credits

Bloomberg
  1. Bloomberg

    Elon Musk Overtakes Bill Gates to Grab World’s Second-Richest Ranking