Elon Musk regained his place as the world's richest man shortly after losing the title to Frenchman Bernard Arnault, reports Bloomberg..

Musk's fortune has risen due to the nearly 70% increase in Tesla's stock price this year. Electric car maker stocks nearly double their intraday low on Jan. 6.

The company also benefited from rising demand for electric vehicles after cutting prices on several models..

Tesla shares rose 5.5% to $207.63 at 4:00 pm in New York, boosting Musk's net worth to $187.1 billion.

That's more than the $185.3 billion of 73-year-old French tycoon Arnault, who is behind the luxury goods company Louis Vuitton Moet..

Musk, 51, entered 2023 with a net worth of $137 billion, becoming the first person to lose $200 billion in Tesla shares.

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Donations made by Musk at the end of last year did not affect his capital. He donated 11.6 million Tesla shares to unnamed charitable causes between August and December 2022, according to a February post.. The shares were worth about $1.9 billion..

Tesla investors were concerned that Musk was paying too much attention to Twitter, which he acquired in October, at a time when his electric car maker was facing intense competition in the industry..

In December, Musk said he planned to retire from his social media position as soon as he found someone "

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This month, he said he might have to stay in office until the end of the year to stabilize Twitter's finances..