Paris: In a significant shift, Bernard Arnault, the CEO of the French luxury giant LVMH, has surpassed Elon Musk to become the world’s richest person, boasting a net worth of $207.8 billion, fueled by a substantial $23.6 billion surge.
Arnault Claims Top Spot: According to Forbes’ real-time billionaires list, Bernard Arnault, the 74-year-old tycoon behind LVMH, has secured the position of the world’s richest person, outpacing Elon Musk. Arnault’s net worth reached $207.8 billion after a remarkable surge.
Tesla’s Stock Decline: Elon Musk, the founder of Tesla, experienced a setback as Tesla’s stock witnessed a 13% decline on Thursday, resulting in an erosion of over $18 billion from Musk’s net worth. The decline in Tesla’s stock contributed to Arnault’s ascent.
LVMH’s Resilience: LVMH, the luxury conglomerate, demonstrated resilience and optimism in the market. LVMH shares surged over 13% on Friday following strong sales reports, contributing to a market cap of $388.8 billion, though still trailing Tesla’s $586.14 billion.
Arnault’s Luxury Empire: Over nearly four decades, Bernard Arnault has meticulously built a luxury empire, acquiring and nurturing iconic brands like Louis Vuitton, TAG Heuer, and Dom Pérignon. His strategic approach includes involving his five adult children in the family-run business.
Historic LVMH Achievements: In April, LVMH became the first European company to surpass $500 billion in market valuation. The acquisition of Tiffany & Co. for nearly $16 billion in 2021 is considered the largest luxury brand acquisition ever.
Aglaé Ventures and Art Passion: Arnault’s venture capital firm, Aglaé Ventures, backed by his holding company Agache, invests in businesses like Netflix and ByteDance (parent company of TikTok). Beyond business, Arnault is an avid art collector with a personal collection featuring works by Picasso, Matisse, and Mondrian.
Bernard Arnault’s ascent to the top spot underscores the enduring success of luxury brands and his strategic acumen in navigating the dynamic market landscape.