Bill Gates is no longer world's second-richest person

Bill Gates is no longer the world's second-richest person. Now, Elon Musk is the world’s second-richest person, after overtaking Gates on Monday.

The Tesla co-founder’s net worth jumped to $127.9 billion, clocking in an increase of $7.2 million, which was partly caused by an upsurge in Tesla’s shares.

According to Bloomberg Billionaires Index, Musk has added $100.3 billion to his net worth just in 2020.

Also read: Elon Musk's Tesla factory workers counted as 'essential workers'

A report published in Fortune posits that Elon Musk’s accumulation of wealth was largely caused by Tesla. Over three-quarters of his earnings were caused by Tesla.

Musk’s Tesla shares are valued over four more times more than his SpaceX shares.

For years, Bill Gates was the richest person in the world, before Amazon’s founder Jeff Bezos overtook his position in 2017. Currently, Gates’ net worth is $127.7 billion.

Gates’ dip in earnings is reportedly owing to his philanthropy and charity. Since 2006, Bill Gates has donated over $27 billion to Bill & Melinda Gates Foundation.

Also read: Elon Musk's Tesla launches tequila $250 worth tequila called 'Teslaquilla'

Recently, Musk had mocked Bill Gates, claiming Gates had no knowledge of electric cards. When he was asked on Twitter by a user what his  opinion  was “about Bill Gates' declarations” on electric trucks, he said that Gates “has no clue”.

In February 2020, Gates had claimed that he wasn’t going to buy a Tesla made car. Musk responded and claimed that his conversations with Gates were rather “underwhelming”.