According to the Bloomberg Billionaire Index, Tesla and SpaceX CEO Elon Musk has overtaken Microsoft co-founder Bill Gates to become the world's second-richest person.

A sharp rise in Tesla’s stocks to $595 per share increased the company's total market value above $500 billion, thereby pushing the businessman's fortune higher to an impressive $127.9 billion.

CEO of Amazon Jeff Bezos with a net worth of $182 billion is still taking the top spot on the BBI. The third position on the list of the world's richest people is occupied by Bill Gates with a fortune of $128 billion.

Tesla’s shares edged higher following the news that the US electric car giant would be added to the S&P 500 index in December. By the time Tesla joins the list of 500 companies listed on stock exchanges in the United States, its shares are expected to hit new all-time highs. This will make Elon Musk even wealthier. If the automaker's shares continue to rise, the entrepreneur could even top the world's billionaires list by the end of the year.