According to the Bloomberg Billionaires Index, Elon Musk has become the world’s second richest person with a net worth of nearly US$128 billion, following a surge in Tesla’s shares.

It was reported that the Tesla CEO has added more than US$100 billion to his net worth this year, taking him from the 35th spot on the index up to the 2nd.

Musk tops Microsoft founder Bill Gates on Tuesday, while the list currently has Amazon founder Jeff Bezos at the top.

The majority of Musk’s wealth is tied up in Tesla stock. Unlike the rest of us who needs to draw a salary, his compensation comes in the form of stock based on his company’s performance – which has evidently paid off so far.

Despite some challenges in production, Tesla has greatly improved its output of electric cars which serves as a popular choice, with the Model 3 being the bestselling luxury car in the US. The Tesla stock also received a nudge after the news that the S&P 500 would be adding the company to its index. The California-based company will be the biggest new entrant on the index, holding a market value of over US$500 billion.

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