Elon Musk reclaims title of world richest man

Elon Musk, the richest man on earth, has regained the title of world richest man, a far cry from Bernard Arnault. The repositioning can be attributed to the drop in the share value of LVMH. In trading, Arnault's wealth suffered a drop of 2.6 per cent, according to the Bloomberg Billionaires IndexBloomberg Billionaires Index.

Elon Musk, the French billionaire, took over in December last year as the American billionaire. The tech industry faced challenges due to rising inflation.

The confidence in the luxury sector is down due to signs of economic slowdown, especially in China, which is a critical market. During the same period, LVMH's shares have fallen by about 10 per cent, resulting in a significant dent in Arnault's net worth within a single day.

Elon Musk'sMusk's wealth has surged more than $55.3 billion in this year, largely due to Tesla's success, which represents 71 percent of Musk's fortune, a remarkable 66 percent rally year-on-year.

The Bloomberg Billionaires Index calculates that Elon Musk'sMusk's wealth is now around $192 billion, and Bernard Arnault's net worth is about $186 billion. With a net worth of $180 billion, Musk is the second richest man on the list and Arnault is the second richest man with a net worth of $211 billion.