San Francisco (Daily Point) — Bernard Arnault, the chairman and CEO of global luxury goods company LVMH, has reclaimed the title of the world’s richest person, surpassing Elon Musk.

Musk’s net worth plummeted by over $18 billion following a sharp decline in Tesla’s stock last week, resulting in a staggering $73 billion loss in the company’s market value.

According to Forbes’ real-time billionaire list, Arnault and his family’s net worth surged to $207.8 billion, marking a $23.6 billion increase and overtaking Musk’s $204.5 billion. LVMH’s stock witnessed a more than 13 percent increase since Friday’s closing, with a market capitalization of $388.8 billion, while Tesla’s stood at $586.14 billion.

In December 2022, 74-year-old Bernard Arnault had initially surpassed Musk in wealth. However, Musk reclaimed the title of the world’s richest man in December of the same year, toppling the French luxury mogul.

In a meeting in Paris last June, Musk and Arnault, whose combined net worth was estimated at $426 billion, discussed business at Arnault’s LVMH-owned Cheval Blanc, a luxurious hotel brand.

Tesla’s market value took a significant hit last Friday as its shares fell over 11%, shortly after the company issued a warning about the slowing pace of electric car sales and the competitive threat from Chinese rivals.

During an earnings presentation, Tesla acknowledged that sales growth this year might be notably lower than the previous year as it focuses on developing the “next-generation” car, expected to be a more affordable model. Despite reporting a substantial 38% increase in deliveries compared to 2022, Tesla had initially targeted a 50% annual growth rate over several years, according to CNN.