CEO of Tesla and Spacex, Elon Musk has now become the fourth richest person in the world. After gains of nearly $8 billion ($7.78 billion) in a single day, his net worth has increased to $84.8 billion.

Musk's wealth on Monday jumped after a tech rally in Wall Street which saw Tesla shares rise by 11 percent. The rise vaulted the entrepreneur past the likes of Bernard Arnault ($84.6 billion), Mukesh Ambani ($78.8 billion) and Warren Buffet ($71.8 billion).

Elon musk is now among the five richest people on earth with Mark Zuckerberg ($99 billion), Bill Gates ($121 billion) and Jeff Bezos ($188 billion) currently placed above him.

According to Bloomberg, Tesla shares are up by 300 percent this year and it is anticipated that the company will be included in the S&P 500 soon. SpaceX on the other hand is close to finalizing a $2 billion funding deal that would increase its equity value to $46 billion, potentially padding his fortune further.

Musk's fortune has grown by over $57 billion this year, the second highest increase on the index after Amazon CEO Jeff Bezos with $73 billion.