Musk Is a Tesla Rally Away From Unseating Gates as World’s Second Richest

Elon Musk is just a Tesla Inc. rally away from unseating fellow mega-billionaire -- and occasional verbal sparring partner -- Bill Gates as the second-richest person on the planet.

Musk’s net worth soared another $10.2 billion on Wednesday after Tesla shares climbed 10% on the strength of an overweight rating by Morgan Stanley. Analyst Adam Jonas predicted in a note that the company was on the brink of transitioning from being mainly a car-retailing business to one with multiple revenue streams from products like software and services.

Elon Musk Visits Germany
GRUENHEIDE, GERMANY - SEPTEMBER

The move propelled Musk’s net worth to $120 billion, $8 billion shy of Gates on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. It’s the second day of banner gains for Musk. His fortune rose $7.6 billion on Tuesday after the electric-car maker was named for inclusion in the S&P 500 Index. Tesla’s meteoric rise this year has boosted Musk’s net worth by $92.4 billion since January, the most of anyone on the Bloomberg index.