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Elon Musk now tied with Bill Gates as world’s second richest man

FILE - In this March 9, 2020, file photo, Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. Musk is threatening to pull the company’s factory and headquarters out of California in an escalating spat with local officials over reopening an electric vehicle plant. On Twitter Saturday afternoon, May 9, 2020. Musk also threatened to sue over Health Department coronavirus restrictions that have stopped Tesla from restarting production at its factory in Fremont south of San Francisco. (AP Photo/Susan Walsh, File)

 (CNN) — Elon Musk’s rocket-like climb up the ranking of the world’s richest men continues.

The Tesla CEO’s net worth soared on Monday as shares of his electric automaker hit a record high, boosting his net worth to $127.9 billion, according to the Bloomberg Billionaires index, which tracks the world’s 500 wealthiest people.

For a couple of hours that put him slightly above Bill Gates, the co-founder of Microsoft and world’s second-richest person, who was estimated to be worth $127.7 billion. The latest readout from the Bloomberg index has the men tied on $128 billion each.

Musk’s fortunes are directly linked to those of Tesla. His biggest asset is the company’s stock, of which he last owned about 20%, according to Bloomberg.

This year has been very good for the entrepreneur. So far in 2020, Tesla’s stock has shot up almost 524%, helping Musk add more than an estimated $100 billion to his wealth. That’s more than anyone on Bloomberg’s global rich list, the outlet reported.

Gates would likely be an even bigger billionaire if it weren’t for his philanthropy. Years ago, he and his wife, Melinda Gates, famously pledged to donate most of their wealth to charity. Amazon CEO Jeff Bezos is currently the world’s richest person, with an estimated net worth of $182 billion.

Outside of Tesla, Musk oversees SpaceX, the space exploration firm that recently kicked off a landmark mission with NASA. He’s also a father of six and chairman of the Musk Foundation, an organization that supports research into renewable energy, pediatrics and humans in space.

Some believe there’s still room to run with his company’s stock. Last week, Tesla was accepted into the S&P 500, notching another milestone. It will join the index next month.

And Tesla stock jumped 6.6% on Monday alone, closing at an all-time high of $521.9 per share.

Musk himself appeared to be just as surprised as anyone else. When a Twitter user pointed out the stock move on Monday, he responded with just one word: “Wow.”

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