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Musk bounces back as world’s richest man

Twitter CEO Elon Musk

US billionaire Elon Musk has reclaimed his position as the world’s wealthiest person.

According to Bloomberg’s latest estimates, the Tesla CEO’s net worth is now about $192 billion, compared to fashion brand LVMH CEO Bernard Arnault’s $187 billion.

Arnault’s wealth declined after a drop in LVMH’s share price in Paris on Wednesday, according to Bloomberg calculations.

The 74-year-old Frenchman had dislodged Musk as the world’s richest man in December, as his wealth shot up due to a boom in luxury goods sales that helped drive up LVMH’s share price. LVMH owns the famous Louis Vuitton, Fendi, Dior and Celine brands.

LVMH shares have tumbled about 10% since April as demand for fashion goods has fallen due to the economic slowdown worldwide.

Musk meanwhile, has gained more than $55.3 billion this year, largely due to electric automaker Tesla recording a 66% increase in value this year.

Apart from Tesla, Musk is also the owner of social media giant Twitter and CEO of space exploration company SpaceX.