Tesla’s Elon Musk is once again the richest person in the world

The world’s richest person title has been reclaimed by Elon Musk, after luxury goods CEO, Bernard Arnault, held the spot since December.

Due to an increase in the value of Elon Musk’s electric car company Tesla, his net worth has increased by $55.3 billion (£44.44 billion) since January, reaching a total of $192 billion (£153.24 billion).

According to Bloomberg's Billionaires Index, Bernard Arnault, the CEO of luxury goods giant LMVH’s net worth has decreased by $24.5 billion (£19.55 billion) to $187 billion (£149 billion). When shares in LMVH increased,  as demand for luxury items increased in December, Arnault, 74, had surpassed Musk, 51, on the list of the wealthiest people in the world.

Amid worries that his takeover of the social media site Twitter was undermining his leadership, shares in Tesla, the business from which Musk derives the majority of his income, plummeted significantly. However, as investor’s jitters have subsided and Musk has revealed his replacement as Twitter’s CEO, Tesla shares have increased by about 92%, since the beginning of the year.

LMVH, which owns brands including Christian Dior and Louis Vuitton, has turned around. Its shares have dropped significantly and are down 16% since the beginning of the year, after reaching a record high in April.

In 1987, Europe’s more valuable firm, the luxury goods giant was co-founded by Bernard Arnault, he therefore, holds the majority of stakes in the company. His daughter Delphine Arnault, 47, was appointed CEO of Dior, in January. Arnault has a total of five children, who currently, all hold managerial positions in LMVH.