According to the latest data from the Bloomberg Billionaires Index, Elon Musk has reclaimed his title as the world’s richest person.

According to the new report, the owner of Tesla, SpaceX, and Twitter has seen his wealth jump to $192 billion, compared to the $187 billion belonging to the French luxury goods billionaire Bernard Arnault. For months now the two men have been running neck and neck, and exchanging the title of the world’s richest man.

Musk’s wealth has grown by $55.3 billion this year, mostly due to a surge in the share price of Tesla, which has grown by 24% in May alone, and 65.6% in the past year.

Musk had lost the top spot to Arnault in December of 2022. Arnault, through his LVMH conglomerate, owns luxury brands including Louis Vuitton and Dior. The French billionaire’s wealth had surged following a sudden spike in luxury goods sales, which drove up his company’s stock price.

However amid signs of slowing economic growth over the last month, traders have grown concerned the market for luxury goods may suddenly experience a turndown, and as a result LVMH’s share price has plunged. The stock is down about 10% since April, with the drop reportedly erasing about $11 billion from the net worth of Arnault in just a single day in mid-May.

However LVMH is still up about 19.7% for the year.