Musk overtakes luxury tycoon, regains world's richest title

Musk overtook luxury goods mogul Bernard Arnault on Wednesday to regain the title of the world's richest man, Bloomberg reported. Musk's fortune is now worth about $192.3 billion, according to the Bloomberg Billionaires Index, while LVMH president Arnault's is about $186.6 billion. Musk has earned more than $55.3 billion this year, with Tesla accounting for 71 percent of his fortune. Tesla shares have risen 66% so far this year. On the other hand, the slowdown in economic growth has affected sales of luxury goods. LVMH shares have fallen about 10 percent since April, and at one point Arnault's net worth evaporated $11 billion in a single day. LVMH, founded by Arnault, owns brands such as Louis Vuitton, Fendi and Hennessy.