Tesla shares skyrocket, making Elon Musk world’s second richest man

In the last seven days alone shares in the electric vehicle manufacturer rose from $447 (approximately AU$607) to $558 (approximately AU$758), representing an increase of approximately 25 per cent.

Market capitalisation now sits at $526.45 billion (approximately AU$715 billion).

According to the Bloomberg Billionaires Index, this has boosted the 49-year old entrepreneur’s net worth to $136 billion (approximately AU$185 billion), putting him comfortably in front of previous second-place holder Bill Gates (with a net worth of $129 billion – or approximately AU$175 billion).

For reference, the world’s richest man, Jeff Bezos, has a net worth estimated at $183 billion.

Elon Musk – who owns approximately 20 per cent of Tesla – co-founded the company in 2003, and presently serves as CEO.