New Delhi, June 1: Elon Musk has once again become the world's richest person, surpassing luxury tycoon Bernard Arnault. Musk reclaimed the top spot after shares of Arnault's LVMH dropped by 2.6% in Paris trading.

Throughout the year, Musk and the 74-year-old Frenchman have been in close competition for the top position in the Bloomberg Billionaires Index, which ranks the world's 500 wealthiest individuals. Twitter 'Censorship': Microblogging Platform Approved 83% of Government Requests Over Content Globally Under Elon Musk, Says Report.

Elon Musk Is Once Again World’s Richest Man

Arnault initially overtook Musk in December when the tech industry faced challenges, but luxury brands remained resilient against inflation. LVMH was founded by Arnault. It owns brands like Louis Vuitton, Fendi and Hennessy.

However, faith in the luxury sector's strength has begun to diminish due to signs of slowing economic growth, particularly in China. LVMH shares have fallen approximately 10% since April, causing Arnault's net worth to decrease by $11 billion in a single day.

On the other hand, Musk's fortune has increased by over $55.3 billion this year, primarily driven by the success of Tesla. Tesla shares have risen 66% this year The Austin-based automaker constitutes 71% of Musk's wealth. Twitter Valuation Drops To Just USD 15 Billion Under Elon Musk: Report.

As per the Bloomberg Billionaires Index, Musk's fortune is now valued at around $192.3 billion, while Arnault's stands at approximately $186.6 billion. Meanwhile, Amazon founder Jeff Bezos is the world’s third richest person, thanks to a net worth of $144 billion.

(The above story first appeared on LatestLY on Jun 01, 2023 09:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).