Elon Musk has surpassed Microsoft co-founder Bill Gates to become the world's second richest person, according to Bloomberg Billionaires.
Tesla's CEO now has a fortune of about $128 billion, up from $100 billion this year.
There is a big gap between Elon Musk and amazon CEO Jeff Bezos, whose fortune is about $182 billion.
Elon Musk ranked 35th on the list in January, according to bloomberg billionaires.
Musk's rapid rise to the list was driven mainly by Tesla's share price, with the electric car company currently having a market value of about $500 billion, after starting the year with less than $100 billion.
The British newspaper The Guardian reported that Tesla has the highest market value for any car manufacturer in the world, although it produces fewer than famous automakers.
The company expects to produce 500,000 cars this year, compared to about 10 million for companies like Toyota, and about three-quarters of Musk's wealth comes from Tesla shares.
Musk's other major project, SpaceX, was also a success, with the company last week transporting four astronauts to the International Space Station aboard its Crew Dragon spacecraft.
Bill Gates ranked first in the billionaires' index for years until Jeff Bezos overtook him in 2017.
According to Bloomberg, Gates is likely to have a higher net worth right now if he doesn't provide much money for charity, with his donations exceeding $27 billion since 2006.
Gates and Musk have had some notable differences this year, with Musk saying about Gates in September: He has no idea how electric trucks are going, after Gates said semi-electric trucks would probably not be practical.
Gates said earlier this year that Musk should avoid making big predictions about areas he is not familiar with, after Tesla's CEO downplayed the risk of the Corona pandemic.
Musk overtook Facebook CEO Mark Zuckerberg last week when he became the third richest person in the world according to the billionaires index.
Zuckerberg has since slipped to fifth in the world rankings after being overtaken by French businessman Bernard Arnault.
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