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Tech entrepreneur Elon Musk surpassed Microsoft founder Bill Gates to become the second richest person in the world after a sudden surge in his personal fortune.
Musk’s fortune increased by $ 7.2 billion, to $ 128 billion, after shares in his car company Tesla soared.
Amazon founder Jeff Bezos tops the list of the world’s richest people, according to the Bloomberg Billionaires Index.
Musk’s advance comes after the news of the addition of Tesla shares to the S&P 500, one of the main stock indexes in the United States.
This led to a new wave of buying shares in the electric vehicle maker, which increased its market value to more than $ 500 billion and strengthened the value of Musk’s shares in the company.
Tesla is already the most valuable auto company in the world, although its production is only a fraction of that of other competitors, such as Toyota, Volkswagen and General Motors.
Musk said in a speech in Germany on Tuesday that it would be “logical” for Tesla to expand in Europe by entering the mass market sector with the production of a small car.
“In America, cars tend to be bigger for reasons of personal preference. In Europe, people tend to be smaller cars,” he added.
After years of losses, Tesla has made a profit over a period of five consecutive quarters as its cars hit the market despite the epidemic.
The California-based company will be the newest on the S&P 500, with a market value of more than $ 500 billion.
This means that mutual funds that track the index will automatically keep their shares and profit from the gains in the share price, and this is what sparked the enthusiasm of investors.
Microsoft co-founder Bill Gates was the richest person in the world for years, before Bezos removed him from the top spot in 2017.
Gates’ fortune is $ 127.7 billion, which would have risen even more if he had not donated large sums to charities for decades.
Bloomberg estimates Jeff Bezos’ wealth at $ 183 billion. And his personal fortune soared this year as demand for Amazon’s services surged amid the pandemic.
For the past few weeks, the often controversial Musk has seen eventful days.
Earlier last week, he wrote on Twitter that he was “probably” suffering from a mild case of Covid-19 and had symptoms of “a mild cold.”
This occurred a day before the launch of four astronauts to the International Space Station in a rocket produced by Musk’s SpaceX company.
