Elon Musk world's richest person again, shows Bloomberg Billionaires Index; beats Bernard Arnault

Elon Musk has become the world's richest person once again. He surpassed luxury tycoon Bernard Arnault after shares of Louis Vuitton's parent company LVMH tumbled. As per Bloomberg, LVMH stocks were down 2.6% in Paris trading on Wednesday.

Elon Musk's net worth is now valued at $192.3 billion, followed by Bernard Arnault with a valuation of about $186.6 billion.

Since April, LVMH's market value has tumbled 10% and at one point the market volatility wiped out $11 billion from Arnault's net-worth in one single day. In the Bloomberg's Billoinare Index, Musk and Arnault have been neck-and-neck for the top spot this year. Arnault first surpassed Musk in December 2022, when Tesla witnessed a steep drop in value as the tech industry struggled.

However, now faith in the luxury sector is coming down mainly due to the fall in demand in China and as a soft economic condition prevails. Meanwhile, Musk has gained more than $55.3 billion this year, largely due to Tesla.