Elon Musk has nabbed the number two spot on the list of the worlds richest people from Bill Gates, after rising to number three - overtaking Facebook CEO Mark Zuckerberg - just last week.
The Bloomberg Billionaires Index today revealed that Tesla CEO, Musk, is worth $128 billion.
They also confirmed that this year alone, Musks fortune increased by an incredible $100 billion.
Back in January of this year, the SpaceX Founder was ranked 35th on the list.
Amazon CEO, Jeff Besos continues to hold the top spot, with a reported net worth of $180 billion.
According to reports, around three-quarters of Elon Musks net worth consists of Tesla shares.
Another venture that has significantly added to the South Africans fortune is SpaceX.
It follows the companys first successful crewed flight to space in May this year.
In the report, Bloomberg pointed out that Bill Gates would still be sitting at the top of the list if he hadn't given so much money to charity.
The 65-year-old made his fortune as the founder and CEO of Microsoft, and according to reports, he has given an estimated $50 billion to charities over the years.