Elon Musk has become the fourth richest person in the world on August 18, according to Bloomberg.

Tesla CEO’s net worth increased to $84.8 billion on the Bloomberg Billionaires Index, which is a daily ranking of the world’s richest people, after Tesla Inc shares hiked 11 per cent on August 17. Musk’s net-worth surpassed Bernand Arnault, CEO of LVMH, who is the only non-American on the list.

Mark Zuckerberg, CEO of Facebook, holds the third position among the world’s 500 richest people. Previously, Mukesh Ambani had become the fourth richest person on August 8. Now, he is placed sixth on the billionaires list, with total net worth of $78.8 billion. Ambani still remains the highest-ranking among the fourteen Indians in the list. Whereas, Jeff Bezoz and Bill Gates hold first and second position, respectively.

Musk’s wealth has increased due to the success of Tesla. The company has seen a remarkable process despite the economic downturn caused by the ongoing coronavirus pandemic. The car company sold 1,79,000 cars in Q1 and Q2 alone.

In July, Musk took over Warren Buffett to become the seventh richest person in the world. Buffett donated Berkshire Hathaway shares worth $2.9 billion to charity, which caused a decline in his net worth.