American Business Magnate, Elon Musk has overtaken Bill Gates to become the world’s second richest person.

Elon Musk overtakes

This year alone, the 49-year-old CEO of Tesla has added more that $100 billion to his net worth, as the share price of his electric vehicle company surged at an exponential rate.

Elon Musk’s net worth stands at $127.9 billion above Bill Gate, who is worth $127.7 billion for the first time, according to the Bloomberg Billionaires Index.

elon musk overtakes

It is worthy to note that Elon Musk was the 35th richest person on the index, at the beginning of the year.

Musk has now profited from the massive surge in Tesla stock, which has skyrocketed more than 520% in the past one year.

Bloomberg noted Gates, the co-founder of Microsoft Corp. MSFT, would have likely ranked higher than Musk, if he had not given away more $27 billion to philanthropic activites.

Amazon boss, Jeff Bezos, is still the world’s richest man as he is worth $182 billion.

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