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Tag: Bernard Arnault

  • CEO of Luis Vuitton, Bernard Arnault, dethrones Elon Musk as world’s richest

    CEO of Luis Vuitton, Bernard Arnault, dethrones Elon Musk as world’s richest

    The billionaire chairman and CEO of the global luxury goods company overseeing brands such as Louis Vuitton and Sephora, Bernard Arnault, has become the world’s wealthiest individual, surpassing Elon Musk.

    Arnault and his family’s net worth experienced a remarkable increase to $207.8 billion on Friday, marking a $23.6 billion surge, outpacing Musk’s $204.5 billion, according to Forbes’ real-time billionaires list.

    The shift in rankings occurred as Musk faced challenges with Tesla in the stock market, witnessing a 13% drop on Thursday, leading to a decrease of over $18 billion in his net worth.

    Simultaneously, LVMH shares surged on Friday, rising over 13% by 11 a.m., propelled by reports of robust sales performance.

    LVMH’s market cap reached $388.8 billion on Friday, trailing Tesla’s $586.14 billion market cap.

    Notably, in 2021, LVMH made a significant acquisition by purchasing Tiffany & Co. for nearly $16 billion, marking it as the largest luxury brand acquisition to date.

    Arnault’s holding company Agache supports Aglaé Ventures, a venture capital firm known for investments in companies like Netflix and ByteDance, the parent company of TikTok.

    Bernard Arnault, aged 74, had previously surpassed Musk in wealth in December.

  • Luxury mogul Bernard Arnault surpasses Elon Musk as world’s wealthiest person

    Luxury mogul Bernard Arnault surpasses Elon Musk as world’s wealthiest person

    The billionaire chairman and Chief and Executive Officer (CEO) of the esteemed worldwide luxury goods firm LVMH, Bernard Arnault, has overtaken Tesla’s Elon Musk to become the richest person in the world in a stunning financial twist.

    Arnault and his family experienced a surge in their net worth, reaching an impressive $207.8 billion after a substantial $23.6 billion increase on Friday, as reported by the Forbes real-time billionaires list.

    This noteworthy development propelled Arnault ahead of Musk, whose net worth stood at $204.5 billion.

    The shift in rankings coincided with a challenging day for Musk and Tesla in the stock market, as Tesla faced a 13% decline on Thursday, causing Musk to lose over $18 billion in net worth.

    Contrastingly, LVMH shares were on the rise on Friday, boasting a remarkable 13% increase as of 11 a.m., fueled by news of robust sales.

    This positive momentum contributed to LVMH’s market cap reaching $388.8 billion, although still trailing behind Tesla’s $586.14 billion market cap.

    Notably, LVMH’s financial prowess was fortified in 2021 when it acquired Tiffany & Co. for nearly $16 billion, marking the largest luxury brand acquisition in history.

    Arnault’s holding company, Agache, also supports Aglaé Ventures, a venture capital firm known for investments in prominent businesses such as Netflix and ByteDance, the parent company of TikTok, according to Forbes.

    At the age of 74, Arnault initially overtook Musk in wealth in December, marking a significant milestone in the ongoing narrative of the world’s wealthiest individuals.