Elon Musk is $8 billion away from surpassing Bill Gates as the world's second-richest person

• Elon Musk is $8 billion away from surpassing Bill Gates as the world's second-richest person.
• Musk's wealth has continued to climb this week: It first hit $114 billion after Tesla was added to the S&P 500 index, edging out Facebook CEO Mark Zuckerberg.
• Now, it's gained another $10.2 billion after Tesla shares spiked 10% on Wednesday, according to Bloomberg.

Elon Musk is $8 billion shy of dislodging Bill Gates as the second-richest person in the world.

The Tesla and SpaceX CEO saw his net worth rise $10.2 billion to $120 billion on Wednesday, the result of Tesla shares spiking 10% after Morgan Stanley gave the stock an overweight rating, according to Bloomberg. It was the second day in a row of gains for Musk: After Tesla was added to the S&P 500 index this week, his wealth rose to $114 billion, which eclipsed Facebook CEO Mark Zuckerberg's fortune and made him the world's third-richest.

Now, he appears to be one Tesla stock surge away from surpassing Gates' $128 billion fortune.

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Musk's wealth stems from a large stake in Tesla and his other companies, like SpaceX and the Boring Company. His massive fortune doesn't technically mean he's able to spend lavishly: He famously doesn't take a cash salary from Tesla, with his complicated compensation package instead tied to ambitious performance goals.

Over the last several months, Musk has also said he's no longer interested in owning physical possessions, announcing that he would "own no house." He has since reportedly sold off two of his California mansions.

If Musk is able to unseat Gates as the world's second-richest, it would be the latest development in a simmering feud between the two moguls, who have repeatedly sparred this year, beginning when Gates said he bought a Porsche electric car over a Tesla, prompting Musk to say Gates doesn't know what he's talking about when it comes to electric cars. More recently, Gates and Musk have feuded over the coronavirus — Gates called Musk's comments on the outbreak "outrageous," and Musk recently described Gates as a "knucklehead."

Read more: Amazon just might be making itself into a Tesla competitor, but Elon Musk doesn't seem worried about Jeff Bezos' plans

Another increase in Musk's wealth would also place him second to Jeff Bezos, whose $183 billion fortune makes him the richest person in the world. Musk and Bezos have been locked in a rivalry for over 15 years that began over their competing rocket companies — SpaceX and Blue Origin, respectively.