Elon Musk has reclaimed the title of World’s Richest Person.

Elon Musk has surpassed Bernard Arnault, CEO of the French luxury goods conglomerate LVMH (LVMUY), as the world’s wealthiest person.

According to Bloomberg, Tesla (TSLA) CEO Elon Musk’s overall worth has increased to $192 billion, while Arnault’s has decreased to $187 billion after his company’s shares dropped 2.6% on Wednesday.

Musk initially assumed the title in September 2021, when his net worth surpassed $200 billion, overtaking then-Amazon (AMZN) CEO Jeff Bezos. He was surpassed by Arnault in December, when Tesla shares fell more than 50% in a matter of months. In March, he temporarily recaptured the position, but a surge in Tesla shares stopped in April. Tesla recovered its upward momentum in May, propelling the stock up by almost 64% year to date. So far this year, LVMH is up around 18%.

Shares of European luxury companies have fallen as China’s economy emerges from the Covid-19 limitations. A boost in demand in January after China’s reopening has begun to subside. Manufacturing and service activity slowed in April, while retail sales fell short of experts’ expectations.

Musk’s fortune is strongly connected to his ownership in Tesla, which he controls around 13% of. This has resulted in a $55 billion gain in his fortune only this year.
“Bloomberg Billionaires Index.” Bloomberg. Musk’s Tesla investment is doing better than his Twitter purchase, which Fidelity says is now only worth 33% of his original $44 billion buyout price.

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