Bernard Arnault surpasses Elon Musk as world’s richest person

LVMH CEO’s net worth reaches $207.8 billion, overtaking Elon Musk.

Bernard Arnault, the chairman and CEO of luxury goods company LVMH, has become the world’s richest person, surpassing Elon Musk. Arnault’s net worth, along with his family’s, experienced a significant increase to $207.8 billion, marking a $23.6 billion rise on Friday. This places him ahead of Elon Musk, whose net worth stands at $204.5 billion, according to Forbes’ real-time billionaires list.

The development coincides with challenges faced by Musk’s Tesla in the stock market, with the company’s shares dropping by 13% on Thursday. Musk’s net worth also saw a decline of over $18 billion. In contrast, LVMH shares witnessed a notable surge on Friday, climbing over 13% following reports of robust sales.

LVMH, the conglomerate behind luxury brands such as Louis Vuitton and Sephora, achieved a market capitalization of $388.8 billion on Friday, while Tesla’s market cap was recorded at $586.14 billion. Arnault’s rise to the top position is indicative of the success and growth of LVMH, which made a significant acquisition in 2021 by purchasing Tiffany & Co. for nearly $16 billion, marking one of the largest luxury brand acquisitions in history. Arnault’s wealth is also influenced by his venture capital firm Aglaé Ventures, which invests in companies like Netflix and ByteDance, the parent company of TikTok. Additionally, Arnault has strategically appointed his children to key roles within LVMH to ensure long-term family control.

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