- Bernard Arnault, LVMH CEO, reclaims title of the world’s richest person, surpassing Elon Musk, with a net worth of $207.8 billion
- Arnault’s net worth surged after LVMH shares rose, while Elon Musk faced a setback with a decline in Tesla’s stock
Bernard Arnault, the billionaire chairman and CEO of global luxury goods company LVMH, has reclaimed the world’s richest person title, surpassing Tesla CEO Elon Musk, according to Forbes’ real-time billionaires list. Arnault’s net worth surged to $207.8 billion, $3.3 billion higher than Musk’s.
Forbes reported that the net worth of Arnault and his family increased by $23.6 billion on Friday, pushing them ahead of Musk’s $204.5 billion. Musk faced a setback as Tesla’s stock tumbled by 13% on Thursday, resulting in a net worth loss of over $18 billion.
In contrast, LVMH shares experienced a significant boost on Friday, with the market cap reaching $388.8 billion, compared to Tesla’s $586.14 billion. In 2021, LVMH made headlines with the acquisition of Tiffany & Co. for nearly $16 billion, marking it the largest luxury brand acquisition in history.
Bernard Arnault, a 74-year-old French businessman, holds a venture capital firm named Aglaé Ventures through his holding company Agache. Aglaé Ventures has reportedly invested in companies like Netflix and ByteDance, TikTok’s parent company.
Last week, Arnault appointed two of his sons, Alexandre Arnault and Frédéric Arnault, to the LVMH board. Alexandre, aged 31, was nominated as the executive vice president of product and communications at Tiffany and Co., while Frédéric, aged 29, was chosen as the chief executive of Tag Heuer.
Arnault emphasized the family-run nature of LVMH, stating, “As I have always said, LVMH is a family-run group,” reinforcing the significance of familial involvement in the company’s leadership.