As per the Bloomberg Billionaires Index, Elon Musk has overtaken Microsoft founder Bill Gates to become the world’s second-richest person.

The Bloomberg Billionaires Index is a ranking of the world’s 500 richest people. Amazon founder Jeff Bezos still remains the world’s richest man.

Elon Musk is the founder and CEO (chief executive officer) of a number of companies including spacecraft company SpaceX and electric carmaking company Tesla.

Musk’s ranking has highly jumped this year. In January, he was ranked 35th. His fortune has increased by US$100.3 billion this year. Most of it is due to Tesla.

Tesla is the most valuable car company in the world. Its value crossed US$500 billion recently.

This is only the second time in the Bloomberg Billionaires Index’s eight-year history that Gates has ranked lower than number two.

Gates had held the top spot for years before overtaken by Bezos. Gates’s fortune would be much higher but he has donated a lot of money to charity (around US$27 billion).

Jeff Bezos’s fortune has also increased this year as COVID-19 increased the demand for Amazon’s services.

In India, Mukesh Ambani is the richest person, as per the Bloomberg Billionaires Index. Gautam Adani is second. And as per the estimates, this year, Adani made more money than Ambani.

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