According to a Bloomberg report, Musk has accumulated an impressive $127.9bn (£95.8bn) to his name which saw him take the new title.
Data shows that the 49-year-old whiz entrepreneur net worth is driven by yet another surge in Tesla’s share price.
Some days ago, the space engineer was $8billion (£6bn) away from outgrowing the Microsoft co-founder’s wealth. The percentage rise in Tesla’s shares has now changed everything.
It gave Musk the $7.2bn bumper he needed to become the second richest man, according to the Bloomberg Billionaires Index.
The entrepreneur, who recently welcomed a son with his partner, is the CEO of Tesla, a maker of electric vehicles – a California-based company sells electric vehicles.
Musk is also the CEO of Space Exploration Technologies, a rocket manufacturer tapped by NASA to resupply the space station.
The business magnate is affiliated to several other businesses especially in technology industry.
His wealth gain is largely attributed to Tesla, the electric car automaker, which has gained 500% in 2020 and has become by far the world’s most valuable automaker in the world, despite it producing far less than Volkswagen, Toyota, or General Motors.
About a fifth of the car company’s shares is owned by its Chief Executive, Elon Musk, and other insiders.
Musk, who has gained $100.3 billion to his net worth just in 2020, is now behind Amazon boss, Jeff Bezos who is the richest man in the world with $182bn (£136bn).
The top ten richest people in the world are: Jeff Bezos ($182B), Elon Musk ($128B), Bill Gates ($128B), Bernard Arnault ($105B), Mark Zuckerberg ($102B), Warren Buffett ($86.8B), Larry Page( $81.3B -$323M), Sergey Brin ($78.7B -$310M), Steve Ballmer ($76.1B), and Mukesh Ambani ($74.0B).