Elon Musk regained his position as the richest person in the world.
According to the Bloomberg Billionaires report, the Tesla founder leads the way with a net worth of about $192 billion, compared to $187 for LVMH CEO Bernard Arnault.
This comes after Arnault's fortunes plummeted following a sustained fall in LVMH shares.
Earlier (May 23), the luxury brand's CEO lost $11.2 billion in his fortune in just one day after his stock price plummeted.
It is due to confidence in the sector starting to fade in the wake of slowing global growth, especially in the critical market of China.
Meanwhile, Elon Musk earned more than $55.3 billion which was largely contributed by Tesla.
Arnault previously overtook Musk in December as his wealth rose due to a boom in luxury goods sales that helped his share price soar.
LVMH is the parent company of more than 70 luxury brands such as Louis Vuitton, Christian Dior, Givenchy, Tiffany's, Marc Jacobs, Sephora, Fenty Beauty and many more.
