Musk is once again the richest man in the world, with a net worth of $192 billion.

CTOnews.com June 1 news, Tesla CEO Elon Musk has regained the title of the world's richest man.

Shares in the LVMH group of French luxury goods tycoon Bernard Arnault fell 2.6% in Paris trading on Wednesday, allowing his wealth to be surpassed by Musk. Musk and Arnault, 74, have been neck-and-neck in the Bloomberg Billionaires Index this year, surpassing Mr Musk as the world's richest man for the first time in December, when the technology industry was in trouble. and the luxury industry has shown resilience in the face of inflation. LVMH Group, founded by Arnault, owns brands such as Louis Vuitton, Fendi and Hennessy.

As signs of a slowdown in economic growth become increasingly clear, confidence in the luxury industry is beginning to wane. CTOnews.com notes that LVMH's share price has fallen by about 10% since April, reducing Arnault's net worth by $11 billion in one day.

Meanwhile, Mr Musk's wealth has increased by more than $55.3 billion this year, mainly due to the rise in Tesla's share price, which accounts for 71 per cent of his wealth, which has risen 66 per cent so far this year. Musk is now worth about $192.3 billion (CTOnews.com Note: about 1.37 trillion yuan), while Arnault is about $186.6 billion (about 1.33 trillion yuan), according to the Bloomberg Billionaires Index.