Elon Musk retakes title as world’s wealthiest person

Elon Musk has retaken his place as the world’s wealthiest person as he surpassed luxury tycoon Bernard Arnault on Wednesday after the shares of Arnault’s LVMH fell 2.6% in Paris trading.

The Tesla Inc. chief executive officer Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.

Musk’s fortune is now valued at about $192.3 billion, according to the index, while Arnault’s is about $186.6 billion.

Arnault first surpassed Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation..

LVMH, which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy and has shares tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.

This, according to experts was due to the fact that the faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China

Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla.

The Austin-based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date. Musk is also the owner of micro-blogging platform, Twitter which he bought last year.