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Elon Musk becomes the second richest person in the world

Last Updated Nov 24, 2020 at 8:56 am EST

FILE - In this Sunday, Jan. 19, 2020. file photo, Elon Musk founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule's emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/John Raoux, File)

The year 2020 has been a struggle for many. It’s been a good one for Elon Musk.

The tech billionaire is now the world’s second richest person.

The 49-year-old Tesla CEO and co-founder saw his net worth go up more than $7 billion on Monday as the share price of Tesla hit a record high.

Musk’s net worth now sits at $128 billion. That leapfrogs Bill Gates, but still puts him comfortably behind Amazon founder Jeff Bezos.

Musk has seen his net worth rise over $100 billion this year alone. Based on optimism related to electric vehicles, Tesla’s future inclusion in the S&P 500 stock index and the expectation that the share price will continue to climb to all-time records.

The company is now the world’s most valuable automaker. Tesla’s stock has gone up more than 500% in 2020.

RELATED: SpaceX capsule with 4 astronauts reaches space station

Musk is also the CEO and founder of aerospace manufacturer SpaceX.

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