Elon Musk reclaims title of World's Richest person

Elon Musk has reclaimed his title as the world’s richest person, knocking the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.

Mr Arnault, 74, had overtaken Mr Musk, 51, on the rich list in December when shares in LMVH jumped as demand for luxury goods rebounded.

At the same, shares in Tesla – the company from which Mr Musk derives most of his wealth – fell sharply amid concerns that his takeover of the social media platform Twitter was affecting his leadership.

However, Tesla shares have bounced back by almost 92% since the start of this year as investor nerves have eased and Mr Musk has announced his replacement as Twitter’s chief executive.

By contrast, LMVH – which owns brands including Louis Vuitton and Christian Dior – has gone into reverse.

After hitting a record high in April, its shares have fallen sharply and are down 16% since the start of the year.

Mr Arnault, who co-founded the luxury goods giant in 1987, owns a majority stake in the business, which is Europe’s most valuable firm.