Elon Musk is the world's richest person, again

Elon Musk has once again secured the title of the world's richest person, surpassing Bernard Arnault. The repositioning can be attributed to the drop in the share value of LVMH. According to the Bloomberg Billionaires Index, Arnault's wealth witnessed a dip of 2.6 per cent in trading. 

The French billionaire took over the American billionaire Elon Musk late last year in December. Musk was entrenched in controversies after laying off thousands of Twitter employees, impacting even the share values of Tesla. The overall technology sector also faced challenges due to rising inflation.

According to Bloomberg, confidence in the buoyancy of the luxury sector is waning due to mounting signs of economic slowdown, particularly in China, a critical market. Since April, LVMH's shares have tumbled by approximately 10 per cent, causing a significant dent of $11 billion in Arnault's net worth within a single day.

In contrast, Elon Musk has seen a substantial increase of over $55.3 billion in his wealth this year, primarily attributed to the success of Tesla, constituting 71 per cent of Musk's fortune, has witnessed a remarkable 66 per cent rally year-to-date.

According to the Bloomberg Billionaires Index, Elon Musk's total wealth is now estimated at approximately $192 billion, while Bernard Arnault's fortune is about $186 billion. On the other hand, Forbes' The Richest People In The World list still puts Musk at the second spot with a net wealth of $180 billion and Arnault is at the first rank with a staggering net worth of $211 billion.