The owner of Tesla, Elon Musk, again became the richest person in the world.

The leader of luxury goods company LMVH, Bernard Arnault, has been dethroned by Elon Musk, who has recaptured the title of the richest man in the world.

After his electric car firm’s valuation increased, his net worth increased by $55.3 billion since January to reach $192 billion.

Bloomberg’s Billionaires Index shows that Mr. Arnault’s net worth has decreased by $24.5 billion (£19.55 billion) to $187 billion (£149 billion).

In third and fourth place, respectively, he is followed by Jeff Bezos and Bill Gates.

When shares in LMVH rose in December because of a revival in demand for luxury items, Mr. Arnault, 74, surpassed Mr. Musk, 51, on the list of the fortunate.

As a result of worries that his takeover of the social media site Twitter was undermining his leadership, shares in Tesla, the business from which Mr. Musk earns the majority of his fortune, plummeted significantly.

However, since the beginning of this year, Tesla shares have increased by about 92% as investor jitters have subsided and Mr. Musk has announced the appointment of a successor to his position as Twitter CEO.

Tesla is profiting from the growth in interest in artificial intelligence, and his visit to China this week to talk about the company has generated excitement as well.

LMVH, on the other hand, has reversed course and now owns labels like Louis Vuitton and Christian Dior. Its shares have dropped significantly and are down 16% year to date after reaching a record high in April.

The company is Europe’s most valuable company, and Mr. Arnault, who co-founded the luxury goods juggernaut in 1987, owns a majority stake in it. At brands in the group, all five of Mr. Arnault’s children hold executive positions.

Jeff Bezos, the founder of Amazon, is ranked third richest in the world, according to Bloomberg, with a net worth of $146 billion. Microsoft co-founder Bill Gates is valued at $126 billion.