The Tesla and SpaceX Entrepreneur, Elon Musk has become the world’s richest man, as his net worth is $185bn (£136bn) taking over from Jeff Bezos.

The Tesla and SpaceX entrepreneur reached the top slot after Tesla’s share price increased on Thursday.

According to BBC NEWS, he takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017.

READ ALSO: Elon Musk overturns Jeff Bezos becomes the world’s richest man

Mr Musk’s electric car company Tesla has appreciated in value this year, and hit a market value of $700bn (£516bn) for the first time on Wednesday.

That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.