Elon Musk Becomes 2nd Richest Man In The World, Overtaking Gates

Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to become the world’s second richest man after a meteoric rise in his personal fortune.

Mr Musk’s net worth jumped by $7.2bn (£5.4bn) to $128bn after shares in his car firm Tesla surged.

Only Amazon founder Jeff Bezos is richer, according to the Bloomberg Billionaires Index.

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

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.