Elon Musk Is World’s Richest Person Again

Tesla CEO Elon Musk has reclaimed the title of world's wealthiest person, surpassing luxury tycoon Bernard Arnault after shares of the latter's LVMH tumbled.

Musk dethroned luxury tycoon Bernard Arnault on Wednesday after shares of Arnault's LVMH fell 2.6 per cent in Paris trading.

The Tesla chief 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 Bloomberg Billionaires Index. While Arnault stands in second place with a valuation of about $186.6 billion.

Arnault first surpassed Musk in December, as his wealth grew due to a boom in luxury goods sales that helped drive up LVMH's stock price. LVMH, is a French multinational holding and conglomerate specializing in luxury goods, headquartered in Paris. It is home to popular brands including Louis Vuitton, Dior and Celine.

Meanwhile, Musk's wealth also saw steady rise up in recent years as his fortunes are directly linked to those of Tesla, the electric automaker. His biggest asset is the company's stock, of which he owns about 13 per cent, according to Bloomberg.

Besides Tesla, Musk is also CEO of SpaceX, the space exploration firm, and the owner of social network Twitter (TWTR).

According to the data, LVMH's shares are up 19.7 per cent this year, while Tesla's have risen 65.6 per cent.