Elon Musk reclaims title as world's richest man 

Tesla CEO Elon Musk regained his title as the world’s richest man, after losing his spot earlier this year. According to a Bloomberg Billionaires Tally, Musk is worth an estimated $192 billion. 

Musk lost the spot at the top of Bloomberg’s list of wealthiest people in December to LVMH co-founder and CEO Bernard Arnault. Since then, the two had been battling for the top spot for several months, interchanging positions. Musk lost the title again most recently in April after his net worth declined by $39 billion compared to the previous year. 

Arnault’s wealth slightly declined from $24.5 billion to $187 billion after there was a drop in LVMH’s stock on Wednesday, according to Bloomberg. LVMH is one of the world’s biggest conglomerates, which encompasses popular luxury brands such as Louis Vuitton, Dior, and Tiffany & Co. In April, After hitting a record high in April, LVMH shares have dropped by 16% since the start of the year. 

The third and fourth positions on the list of the world’s richest men go to Amazon founder Jeff Bezos and Bill Gates, respectively.

Musk’s rise on the world’s richest list has been linked to the electric vehicle company, Tesla. The car company’s stocks have increased around 65.6% in the year to date. Musk owns about 13% of Tesla’s stock. 

However, Musk’s wealth slightly decreased over the past year due to his $44 billion purchase of Twitter, which scared Tesla’s investors because he used the car company’s shares to buy the social media company. As a result, Tesla’s stock sharply declined by more than 50%. 

Tesla’s shares have bounced back by almost 92% since the start of the year and particularly after Musk’s announcement that NBCUniveral’s head of advertising Linda Yaccarino was going to take over his role as CEO of Twitter.