Bernard Arnault, the billionaire chairman and CEO of LVMH, has surpassed Elon Musk to become the richest person in the world.
According to Forbes, Arnault and his family’s net worth reached $207.8 billion, a $23.6 billion increase, surpassing Musk’s $204.5 billion. This change in ranking comes as Tesla faced a drop in the stock market, causing Musk to lose over $18 billion in net worth.
In contrast, LVMH experienced a surge in stock prices on Friday, with shares up over 13%. This boost was attributed to news of strong sales. As a result, LVMH’s market cap reached $388.8 billion, while Tesla’s market cap stood at $586.14 billion.
Earlier this year, LVMH made headlines with its acquisition of Tiffany & Co. for nearly $16 billion, marking the largest luxury brand acquisition to date. Arnault’s holding company, Agache, also backs a venture capital firm named Aglaé Ventures. This firm reportedly invests in businesses such as Netflix and ByteDance, the parent company of TikTok.
Arnault has five children, all of whom work at LVMH. Recently, he appointed two of his sons to the LVMH board, joining the two other children who were already on the board. This move was made to ensure long-term family control over the company.
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