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.