The stock market has not been kind to Bernard Arnault's fortunes lately...
Tesla's CEO has once again taken the top spot on the Bloomberg's list of the world's richest billionaires, dethroning LVMH CEO Bernard Arnault.
The majority of Musk's wealth comes from Tesla stock, CNBC reported, and the electric car company's stock surged 24 percent in May, leading him to reclaim the crown. His net worth is now estimated at a whopping $195 billion.
Bernard Arnault's fortune recently topped $200 billion but fell from the top spot as shares in the LVMH conglomerate fell 10 percent since April and the French businessman lost $11 billion in a single day. Even so, Arnault is currently not far behind Musk, with Bloomberg estimating his net worth at $187 billion. Jeff Bezos is third on the list, and the Amazon founder's net worth is estimated at $146 billion.
Musk was recently in Shanghai where he met with senior Chinese government officials during a two-day trip. He also reportedly met with China's vice premier and it was the first time Ding had a one-on-one meeting with a foreign CEO. Despite China's difficult relationship with America, CNBC reported that the visit indicated that Tesla sees the country as an important market.
Musk is also the CEO of rocket manufacturer SpaceX. In April, the company made headlines when a rocket exploded minutes after taking off from South Texas. In response to the incident, NASA Administrator Bill Nelson did congratulate the company, writing on Twitter: "Every great achievement throughout history required some level of calculated risk, because with great risk comes great reward."