Elon Musk has reclaimed his title as the richest man in the world! And Tesla stocks are looking GOOD!

Elon Musk’s net worth just got a boost. He dethroned LVMH chairman Bernard Arnault, who slipped to the number two spot. LVMH is the company that owns Louis Vuttion, Dior and several other luxury brands.

So, here’s how Elon did it.

A lot of the billionaire’s wealth is actually tied to his eclectic vehicle company, Tesla. He lost a chunk of his wealth when Tesla’s stock price started to plummet last year. Remember that was during Elon’s Twitter takeover. Tesla’s stock price took a nosedive for a couple of reasons.

Some people did not like the uncertainty surrounding the Twitter acquisition, while others thought the deal was a distraction for Musk. And then, of course, Elon himself sold almost US$4 billion worth of Tesla stock to help fund the Twitter buyout.

All of those factors combined with general market uncertainty, and people moving away from the volatility of the stock market led to Tesla’s stock dropping to the US$100 range in December.

And Tesla’s nose dive took Elon’s net worth with it.

BUT, Tesla’s stock surged over 12% last week to around US$240 per share, which is the highest it’s been this year.

The shares are up nearly 115% in two weeks. This is the third-largest return of any company on the S&P 500. The S&P 500 features 500 of the leading publicly traded companies in the US.

According to Forbes, Tesla’s rally propelled Elon back to richest man status. He now has a net worth of around US$220 billion. Forbes said this is roughly four billion more than Arnault.

Tesla has also been reporting good numbers so maybe this rally will continue.