Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to become the world's second richest man

Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to become the world's second richest man

By Onlykhabar News Media Wed 25 November, 2020 ( about 5 years ago ) 🎤730 Viewersbusiness

It comes after news Tesla shares will be added to the S&P 500, one of the main share indexes in the US.

Mr Musk's net worth jumped by $7.2bn (£5.4bn) to $128bn after shares in his car firm Tesla surged. That triggered a fresh wave of buying of the electric carmaker's shares, sending the company's market value above $500bn and boosting the value of Mr Musk's holding in the business. On Tuesday, in a speech in Germany, Mr Musk said it could "make sense" for Tesla to expand in Europe by entering the mass-market segment with a small car.  Tesla is already the most valuable car firm in the world, despite producing a fraction of the vehicles of rivals such as Toyota, VW and General Motors. 

"In the US, the cars tend to be bigger for personal taste reasons," he said. "In Europe, (they) tend to be smaller." And after years of losses, Tesla has seen five consecutive quarters of profit as sales of its cars perform well despite the pandemic.  It means investment funds tracking the index will automatically hold its stock and benefit from gains in its share price - news that has excited investors. The California-based firm will be the biggest new entrant on the S&P 500, with a market value of more than $500bn. 

Bill Gates, who co - founded Microsoft, was the world's richest person for years before Mr Bezos knocked him off the top spot in 2017. Jeff Bezos's net worth is estimated at £182bn by Bloomberg. He too has seen his personal fortune rise this year as demand for Amazon's services climbed in the pandemic. Mr Gates's fortune is worth $127.7bn but would be higher had he not donated large sums to charity over the decades. Mr Musk, who regularly courts controversy, has had an eventful past few weeks.  Last weekend he tweeted that he "most likely" had a moderate case of Covid-19 and has had symptoms of "a minor cold."  It came the day before four astronauts were launched to the International Space Station in a rocket built by Mr Musk's SpaceX.

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By Onlykhabar News Media Wed 25 November, 2020 🎤730 Viewersbusiness
TAGS: Elon Musk Richest man Tesla Bill Gates
Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to become the world's second richest man

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