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Elon Musk becomes world's second-richest person

Elon Musk becomes world's second-richest person

Mubasher: Elon Musk has officially overtaken Bill Gates to become the world's second-richest person, Business Insider reported on Tuesday.

Musk’s net worth rose by about $7 billion on Monday to stand at $128 billion, according to the Bloomberg Billionaires Index, as Tesla's market value nears $500 billion.

Last year, the billionaire entrepreneur expected that self-driving Teslas would boost the automaker's market cap to $500 billion. At the time of Musk's prediction, its market cap was less than $45 billion.

The increase in Musk's wealth places him second to Jeff Bezos, who is currently the world's richest person with a net worth of $182 billion.

Tesla's surge in value was backed by its inclusion in the exclusive S&P 500 index and its stock upgrade to "overweight" by Morgan Stanley for the first time since 2017.

Tesla shares increased by 2% in pre-market trading on Tuesday and its stock jumped by about 730% this year.

Noteworthy, Musk's net worth is not solely down to a large stake in Tesla, but also to his other companies; SpaceX and The Boring Company.