Tesla and SpaceX CEO Elon Musk jumped past Bill Gates to become the second richest person on the planet, according to the Bloomberg Billionaire Index. Musk is worth $128 billion, with Amazon boss Jeff Bezos still holding the top spot at $182 billion.
The index rounds each person's worth up to the nearest billion, so Musk is actually worth $127.9 billion compared to the Microsoft co-founder's $127.7 billion. Gates lost his spot partially as a result of his philanthropic effort -- he's given more than $27 billion to the Gates Foundation since 2006, Bloomberg noted.
Last week, Musk snatched the No. 3 spot from Facebook's Mark Zuckerberg (he was ). His rise comes after Tesla shares surged in the wake of news that the electric car company will be admitted to the S&P 500 index next month, CNBC reported Tuesday.
Tech billionaires make up seven of the Top 10 -- Google co-founders Larry Page and Sergey Brin are worth $81.3 billion and $78.7 billion respectively, while former Microsoft CEO Steve Ballmer has $76.1 billion.