Elon Musk reclaims title of world’s richest man

Hong Kong: The title of richest person in the world has been once again reclaimed by Elon Musk.

According to a Billionaires list, the CEO of Tesla (TSLA) is currently projected to have a net worth of roughly $192 billion, as opposed to Bernard Arnault of LVMH (LVMHF), who is considered to have a net worth of $187 billion.

The two centibillionaires, as those with fortunes of over $100 billion are known, have been competing with one another for the top rank for months.

As a result of a decline in LVMH’s stock on Wednesday, Arnault’s worth decreased this week, according to estimations made.

Arnault overtook Musk in December as his wealth increased as a result of a surge in sales of luxury items that raised the value of LVMH’s stock. One of the largest businesses in the world, LVMH, is the parent company of brands including Louis Vuitton, Dior, and Celine.

While this is in progress, Musk has seen his position on the world’s rich lists soar recently due to his close ties to the electric car manufacturer Tesla. His largest asset is the company’s stock, which he owns around 13% of.

Musk is not only the CEO of Tesla but also the owner of Twitter (TWTR) and the space exploration company SpaceX.

LVMH shares have increased 19.7% this year whereas Tesla shares have increased 65.6% so far this year.