Elon Musk’s net worth recently skyrocketed past the US$74 billion mark, making him the fifth richest person in the world, according to Forbes . As of Monday afternoon, Elon Musk's net worth surpassed $74 billion—meaning he is now the fifth-richest person on the planet https://t.co/hriBMXf8fJ pic.twitter.com/7184vgJgtX — Forbes (@Forbes) July 21, 2020 In mid-March, Musk was worth almost US$25 billion and was ranked the 31st-richest person by Forbes . Since then, his net worth has nearly tripled, and he has vaulted up the list, passing Warren Buffett, Phil Knight and Michael Bloomberg on the way. Most of Musk’s wealth is tied to shares in his companies, Tesla and SpaceX. Tesla's value has increased by US$200 billion since March, frequently hitting record highs after delivering stronger-than-expected vehicle delivery numbers. A smaller fraction of his wealth – about US$100 million – is tied up in real estate. But that’s likely to change. In May, Musk announced that he planned to sell all of his worldly possessions and listed nearly US$40 million of property. I am selling almost all physical possessions. Will own no house. — Elon Musk (@elonmusk) May 1, 2020 Like many carmakers, Tesla has had a tumultuous few months as Americans increasingly stayed inside during shelter-in-place guidelines. Since March, the company’s only US car factory faced shutdowns due to the coronavirus. Musk said that stopping production at the factory, based in Fremont, California, posed a “serious risk” to business, and went on to sue the local county over its shelter-in-place orders and reopen in spite of them. https://t.co/jmkacbRb5D — Tesla (@Tesla) July 22, 2020 Despite these hurdles, Tesla went on to deliver 90,650 vehicles to customers in the year’s second quarter, topping Wall Street predictions by 20,000 vehicles. How did Elon Musk make his fortune, and what does he spend it on? In addition, Tesla’s stock has been boosted by speculation that the company could be added to the S&P 500 after Wednesday's Q2 earnings report. Tesla also announced that it will be presenting new battery technology at a “Battery Day” in September. Still, Tesla’s meteoric stock price has perplexed analysts – and even Musk himself, who sent the stock tumbling after tweeting out that he felt it was overvalued. Tesla stock price is too high imo — Elon Musk (@elonmusk) May 1, 2020 Tesla’s car output pales in comparison to its peers like Ford, GM and Fiat-Chrysler, yet its market cap still dominates the legacy carmakers. Tesla is now worth nearly US$300 billion compared to Ford’s US$26 billion, General Motors’ US$38 billion and Fiat-Chrysler’s US$16 billion. How Elon Musk just got even richer with a US$55 billion payday Enthusiasm from young investors and day traders have made it a popular stock. Tesla is the 8th-most traded stock on Robinhood, according to trade-tracking website Robintrack. On some days, Tesla trading can be frenzied. Last week, 40,000 Robinhood users added Tesla shares during a four-hour period, according to a Bloomberg analysis of Robintrack data. Watch Falcon 9 launch ANASIS-II → https://t.co/bJFjLCzWdK https://t.co/iYHJZnZobv — SpaceX (@SpaceX) July 20, 2020 Another of Musk’s ventures, SpaceX, has also enjoyed positive publicity following the launch of the Crew Dragon spacecraft, which made Bob Behnken and Doug Hurley the first Nasa astronauts to fly on a commercial rocket to the International Space Station. The space technology company is worth nearly US$36 billion, according to Pitchbook data. Despite recent gains, Musk’s wealth is still dwarfed by four men: Jeff Bezos, Bernard Arnault of LVMH, Bill Gates and Mark Zuckerberg. Jeff Bezos and 10 other US billionaires who got richer during the pandemic Yet, Tesla’s fortunes, as well as Musk’s, may change soon. Its second-quarter earnings report is scheduled for Wednesday after the market closes. The earnings could propel the stock – and Musk’s net worth – even higher, or reverse the big gains from recent weeks. Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram , YouTube and Twitter . This article originally appeared on Business Insider.