TESLA CEO, Elon Musk overtakes Bill Gates to become the world’s second-richest man after his net worth rose by $100B in a year

SpaceX founder Elon Musk celebrates after the successful launch of the SpaceX Falcon 9 rocket on May 30, 2020 in Cape Canaveral, Florida. (Photo by Joe Raedle/Getty Images) GETTY IMAGES
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Elon Musk’s private wealth appears to be flying like a rocket regardless of the pandemic.

Musk, who ranked thirty fifth on the Bloomberg Billionaires Index in January this year, has instantly surpassed Bill Gates to become the second richest man in the complete world! He stands solely behind Amazon’s CEO Jeff Bezos, in accordance to Bloomberg’s newest rating of Billionaires.

The 49-year-old Tesla CEO noticed his net worth jumped from $7.2 billion to $127.9 billion inside a year due to a surge in Tesla’s stock price.

With a market capitalization of almost $500 billion, Tesla is now valued greater than Disney, Toyota and Coca-Cola.

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The South African-born billionaire’s wealth additional soared after his electrical automobile firm Tesla was chosen to be part of the S&P 500.

To be chosen by the S&P 500, in accordance to CNN, a firm should be primarily based in the US, have a market capitalization of at the least $8.2billion, be liquid and at the least half of its shares should be out there to the public. The Company should additionally report 4 straight quarters of revenue.

Tesla’s shares surged 387.8% this year after years of losses and the auto big has continued to hit milestones for deliveries of its autos. The firm reported its fifth consecutive quarterly income with the third-quarter 2020 income of $8.77billion.

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Musk’s new place at the quantity two spot means Bill Gates is pushed into the third.

Bill Gates’ net worth of  $127.7 billion may have been a lot increased however he reportedly donated huge sums of cash to charities over the year, together with $27 billion to Bill Gates Foundation.

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