Elon Musk is Now the Second Richest Person in the World

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On Monday, Elon Musk passed Bill Gates in net worth to become the second richest person in the world.

On Monday, Elon Musk passed Bill Gates in net worth to become the second richest person in the world, according to MarketsInsider.

Musk's net worth rose by almost $7 billion to close at $128 billion on Monday, according to the Bloomberg Billionaires Index. Tesla's market capitalization is slowly approaching the $500 billion mark which Musk predicted wouldn't happen until the company's self-driving cars were readily available. When Musk made that prediction, Tesla's market cap was less than $45 billion.

Despite the massive increase in Musk's net worth, he is nowhere close to the reigning king of wealth, Jeff Bezos. Bezos, the CEO and founder of Amazon.com Inc., is currently the richest person in the world with a net worth of $182 billion.

Tesla stock has had a good year, despite the coronavirus pandemic halting its operations and slowing production. The most recent batch of good news came when the S&P committee announced that Tesla would finally be included in the S&P 500 index.

Goldman Saches predicts that Tesla will continue to rally over the next month due to mutual funds and ETF's buying the stock to rebalance their index-tracking portfolios. Tesla shares are up more than 730 percent this year.

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