Elon Musk has regained his position as the world’s richest person as shares of Bernard Arnault’s LVMH fell in Paris trading, as reported by Bloomberg.

Musk and Arnault have been closely competing for the top spot in the Bloomberg Billionaires Index this year.

On May 31, the CEO of Tesla Inc. surpassed luxury tycoon Bernard Arnault after LVMH shares dropped 2.6% in Paris trading.

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Bernard Arnault, the 74-year-old French business tycoon, had previously overtaken Musk in December 2022 when the tech industry was struggling, while luxury brands showed resilience in the face of inflation.

Musk’s gains this year, mainly from Tesla, amount to over $55.3 billion, with Tesla’s shares rising 65.6% year-to-date.