Elon Musk overtakes Bill gates and become the second richest person on the planet.

The 49-year-old determined entrepreneur?s net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla?s share price. Musk has also added $100.3 billion to his net worth this year, the most of anyone on the Bloomberg Billionaires Index, a ranking of the world?s 500 richest people. While in January he ranked 35th.

His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion. About three-quarters of his net worth is comprised of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp, or SpaceX.

On Monday, a Twitter user and investor in Tesla shared the news of electric vehicle company’s shares closing at above $500 and congratulated the CEO on the microblogging site.

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