Elon Musk Net Worth Up $92 Billion This Year; Could Be Second-Richest Soon

Elon Musk, founder and CEO of Tesla Inc. and SpaceX, could soon become the second-richest person in the world after his net worth soared by $92 billion this year.

Musk’s net worth increased by over $10.2 billion on Wednesday after Tesla shares climbed by 10%. His fortune also rose by $7.6 billion on Tuesday after his electric-car company secured a spot in the S&P 500 index.

The S&P 500 is an index that tracks the stocks of 500 large-cap companies in the U.S. It offers investors a picture of the health of the country’s stock market and economy.

To be included in the index, companies must be based in the U.S. and have a market cap of at least $8.2 billion. Half of the shares must be available to the public. The companies must also post four successive profitable quarters. These criteria ensure that only the largest and most stable corporations are named in the S&P 500, according to Nerd Wallet.

Since January this year, Tesla’s rise has boosted Musk’s net worth by $92.4 billion, propelling his total net worth to $120 billion. He is just $8 billion away from unseating Microsoft Corporation’s co-founder Bill Gates as the second-richest person on the planet, Bloomberg reported.

Elon Musk had recently overtaken Facebook CEO Mark Zuckerberg as the world’s fourth-richest person. Tesla shares surged by 10% on Wednesday afternoon, boosting Musk’s net worth to $105.4 billion. He surpassed Zuckerburg, who has a net worth of $100.6 billion.

This year, Tesla’s stock had risen by 460%, giving Musk’s net worth a massive boost since March, when he had a fortune of $24.6 billion. The American business magnate owns a 21% stake in Tesla. His rocket company, SpaceX, was valued at $46 billion.

Morgan Stanley auto analyst Adam Jonas said the company would likely explore other revenue streams and introduce new products, including software and services, Forbes reported.

“Tesla is on the verge of a profound model shift from selling cars to generating high margin, recurring software and services revenue,” Jonas predicted.