The American billionaire, Elon Musk, owner of Tesla and Twitter, was able to regain his place as the richest person in the world, after losing the title for a short time to French billionaire Bernard Arnault.

According to Arabiya.net, Elon Musk's wealth increased after Tesla's share price increased by nearly 70% this year.

Tesla shares are up nearly 100% from their January 6 low as investors returned to bets on riskier growth stocks amid signs of economic strength and a slowing pace of interest rate increases by the Federal Reserve.

Tesla also benefited from increased demand for its electric cars after cutting prices on several models.

Tesla shares rose 5.5% to $207.63 at 4 pm. in New York, bringing Musk's net worth to $187.1 billion, according to the Bloomberg Billionaires Index.

Musk surpasses the $185.3 billion personal wealth of the 73-year-old French businessman, Bernard Arnault, whose vast majority of his fortune comes from his stake in luxury goods company Louis Vuitton.

Musk, 51, entered 2023 with a net worth of $137 billion, becoming the first person to lose $200 billion of his fortune and raising the possibility that he might struggle to regain his title as the richest person in the world. But within a short period of time, Mask succeeded in regaining the title again.

The donations Musk made late last year have not affected his net worth much. He gave 11.6 million shares of Tesla stock to unnamed charities between August and December, according to a filing in February. The value of the donated stake was about $1.9 billion, based on closing prices on the days of the donation.

Tesla investors were concerned that he was devoting too much of his attention to Twitter, which he acquired in October, at the same time that his electric car maker was facing stiff competition across the industry.

Musk said in December that he intends to resign from his position on the social media platform as soon as he finds someone foolish enough to take the job, Musk said.

Musk said this month that he may need until the end of the year to stabilize Twitter's finances, before handing it over to a new CEO.

Tesla's gains have far outpaced the rise in the tech-heavy Nasdaq 100, which is up about 10% in 2023.

This year has included intermittent bursts of speculative trading mania among retail traders - Tesla being a favorite among that group.