Bernard Arnault, the CEO of global luxury goods company LVMH, is now the richest man in the world, passing Elon Musk of $TSLA
Bernard Arnault, the CEO of global luxury goods company LVMH, is now the richest man in the world, passing Elon Musk of $TSLA, per Forbes.
Based on the latest data from the Forbes real-time billionaires list, Bernard Arnault and his family have experienced a remarkable surge in their net worth, reaching an impressive $207.8 billion. This significant increase of $23.6 billion on Friday has propelled Arnault ahead of Elon Musk, whose net worth currently stands at $204.5 billion.
Following the members of the 200 billion club are Jeff Bezos of Amazon with $186.6 billion, and Larry Ellison of Oracle with $142.4 billion. Mark Zuckerberg, Larry Page, Warren Buffett, and Bill Gates follow in that order.
The fluctuations in the fortunes of these billionaires align with a challenging day for Musk's Tesla in the stock market. Tesla faced a notable dip of 13%, resulting in Musk's net worth decreasing by over $18 billion. Meanwhile, LVMH shares experienced a remarkable ascent on Friday, enjoying a surge of over 13%, driven by encouraging news of robust sales. As of 11 a.m. on Friday, the market cap of LVMH soared to $388.8 billion, showcasing a stark contrast to Tesla's market cap of $586.14 billion. This unexpected turn in the financial narrative underscores the dynamic nature of the business landscape, which can change rapidly.
One of the significant milestones contributing to Arnault's financial success was LVMH's monumental acquisition of Tiffany & Co. in 2021, a deal valued at nearly $16 billion. This transaction is widely regarded as the most significant luxury brand acquisition in history. Arnault's influence extends beyond LVMH, with his holding company Agache supporting the venture capital firm Aglaé Ventures. Notably, Forbes reports that Aglaé Ventures is actively involved in investments in enterprises such as Netflix and ByteDance, the parent company of the popular platform TikTok.
Arnault's commitment to family legacy and control is evident in his recent strategic moves. To secure long-term family control, he appointed two of his sons to the LVMH board, complementing the existing presence of two other children on the board, solidifying the Arnault family's influence over the luxury goods empire.