Elon Musk surpasses Bill Gates to become world’s second richest person

In October, Tesla reported its fifth consecutive quarterly profit on record revenue of $8.8 billion

Tech Desk/Reuters November 25, 2020
Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity's Inside Energy Summit in Manhattan, New York October 2, 2015. PHOTO: Reuters

Elon Musk, Founder and CEO of Tesla and Space X has taken the stage as the world’s second-richest person with a net worth of around $128 billion, according to Bloomberg Billionaires Index.

Musk dethroned Microsoft co-founder Bill Gates to become the world’s second-richest person while Amazon CEO Jeff Bezos retains number one position with a reported net worth of around $182 billion.

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In October, the electric car maker reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.

Tesla also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.

The companyy has defied a downward trend in the wider auto industry in 2020 and bucked a pandemic and economic upheaval with steady sales and profitable quarters, sending shares up around 400% this year.

Musk’s other venture Space X is also flourishing recently the rocket company transported four astronauts to the International Space Station aboard its Crew Dragon spacecraft.

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Tesla also launched its own brand of tequila on the electric car maker's website, making good on a promise by CEO Elon Musk with a $250-per-bottle experience that was unavailable within hours of the product's lift-off.

For years Bill Gates ranked at the top of the Billionaire Index until he was replaced by Amazon CEO Jeff Bezos in 2017.

However, Gates would probably have a higher net wealth if it wasn't for his charity contribution, including the over $27 billion he has donated through the Bill & Melinda Gates Foundation since 2006.

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