Elon Musk has regained his title as the richest person in the world, according to the Bloomberg Billionaires Index.
He surpassed Bernard Arnault, a luxury tycoon, after shares of Arnault's company, LVMH, fell 2.6% in Paris trading on Wednesday.
Musk's wealth is primarily due to his ownership of Tesla
, which has gained more than $55.3 billion this year.
Meanwhile, Arnault's fortune has decreased due to a decline in the global economy and the luxury industry's resilience fading.