Elon Musk reclaims title of world's richest person

Elon Musk has reclaimed his title as the world's richest person.

He gains back his throne as per the Bloomberg Billionaires Index as of 3 June.

The Bloomberg Billionaires Index is a daily ranking of the world's richest people, which estimates the Tesla CEO's net worth to be about $199 billion, compared to LVMH CEO Bernard Arnault's $191 billion.

The figures are updated at the close of every trading day in New York.

For months, the two "centibillionaires" – a term coined for people with fortunes of over $100 billion – have been in a close race for the top position.

In September 2021, thanks to a surge in Tesla stock price, Musk surpassed Amazon CEO Jeff Bezos and became the world's richest person for the first time.

After Tesla's stock dropped more than 50% in a matter of months, he was overtaken by Arnault in December last year.

Until an April pause in a surge in Tesla shares, he briefly regained the top spot in March, reports Investopedia.

Stock in Tesla has gained approximately 64% so far this year after losing steam in April.