Elon Musk has regained his position as the world’s richest person after shares in Tesla Inc (NASDAQ:TSLA) jumped 5.5% after hours in the US on Monday.
According to the Bloomberg Billionaires Index, Musk's net worth now stands at US$187.1bn, pushing the electric vehicle magnate past LVMH’s Bernard Arnault, whose net worth is put at $185.3bn.
Tesla's shares have jumped 92% in the year to date after the car maker revealed better-than-expected quarterly results last month, buoyed by record deliveries during the last three months of 2022.
The company also aggressively slashed electric vehicle prices in an attempt to reverse a slowdown in sales, sparking a price war among rival car makers.
Musk, who also owns Twitter and founded SpaceX, derives most of his wealth from a 13% stake in Tesla.