The Tesla chief executive officer surpassed luxury tycoon Bernard Arnault on Wednesday after shares of Arnaults LVMH fell 2.6% in Paris trading.
Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the worlds 500 richest people.
Arnault first surpassed Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy.
Faith in the luxury sectors buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have tumbled about 10% since April, at one point wiping $11 billion from Arnaults net worth in a single day.
Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla. The Austin-based automaker which comprises 71% of his fortune has rallied 66% year-to-date. Musks fortune is now valued at about $192.3 billion, according to the index, while Arnaults is about $186.6 billion.
