Tesla CEO Elon Musk is World’s Richest Person Once Again

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Tesla CEO Elon Musk is once again the world's richest man after shares of French tycoon Bernard Arnault fell 2.6% in Paris trading on Wednesday. Both men have been neck-and-neck for the top spot for months.

Tesla CEO Elon Musk has reclaimed his position as the richest person in the world, according to Bloomberg Billionaires Index’s updated figures on Thursday.

The Bloomberg Billionaires tally predicted Musk’s current net worth to be $192 billion, compared to French tycoon Bernard Arnault $187 billion. 

Musk saw his wealth jump 40.3% this year to $192 billion, after shares of his electric car maker rose about 24% in May, according to Eikon data. Musk owns about 13% of Tesla, according to FactSet data.

Musk was knocked out of first place by LVMH CEO Arnault last December, after Tesla’s shares fell after his $44 billion acquisition of Twitter. Most of Musk’s wealth is tied to Tesla’s stock.

The two centibillionaires, a term used to refer to people with fortunes of more than $100 billion, have been neck-and-neck for the top spot for months.

But Arnault’s wealth slid this week after a drop in LVMH’s stock on Wednesday, according to Bloomberg calculations. The 74-year-old, who founded LVMH, surpassed Musk in December, as his wealth climbed due to a boom in luxury goods sales that helped drive up LVMH’s stock price.

LVMH is one of the world’s largest conglomerates and is home to luxury brands like Loius Vuitton, Dior, Hermes, and Celine. 

The company’s shares are up 19.7% this year, while Tesla’s have risen 65.6% in the year to date. This year, Musk has gained more than $55.3 billion mainly because of Tesla.

Musk, who is also the CEO of rocket manufacturer SpaceX and owner of social media company Twitter, left Shanghai on Thursday, after a high-profile two-day visit that saw him meet with foreign minister Qin Gang and other Chinese officials.

During the visit, which analysts say is a sign that China is an important market to Tesla, Qin sought to assure Musk that Beijing is open to foreign businesses and would continue to offer a friendly business environment to them.

Musk, whose visit comes amidst simmering China-US relations, also reportedly signaled further expansion in China.