Elon Musk's net worth soared 10.2 billion dollars on Wednesday Credit: Twitter

Tesla Inc CEO Elon Musk is all set and on the way to overtake fellow mega-billionaire Bill Gates and become the second-richest person in the world.

Elon Musk’s net worth soared $10.2 billion on Wednesday, after the shares of Tesla Inc rose 10% riding on a heavy rating by Morgan Stanley.

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According to analyst Adam Jonas, the company was on the verge of transitioning from being mainly an automobile business to one with multiple products like software and other services.

This transition propelled the Tesla Inc CEO’s net worth to 120 billion dollars, which is just 8 billion dollars less than that of Bill Gates on the Bloomberg Billionaires Index.

This is the second consecutive day of massive gains for Elon Musk. Earlier, Musk surpassed Mark Zuckerberg as his net worth rose by $7.6 billion on Tuesday after Tesla was named for inclusion in the S&P 500 index.

The electric-car maker’s sensational rise this year has boosted Elon’s net worth by $92.4 billion since January.

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