Bernard Arnault, the Chairman and CEO of LVMH, has surpassed Elon Musk to become the world’s wealthiest individual, according to Forbes’ billionaire list. This shift occurred due to significant fluctuations in the stock prices of their respective companies.
Who is Bernard Arnault and What Does LVMH Do?
Bernard Arnault is the head of LVMH (Moet Hennessy Louis Vuitton), a leading luxury product manufacturer. LVMH encompasses 75 fashion and cosmetic brands, including iconic names like Louis Vuitton and Sephora. In 2021, LVMH made headlines with the acquisition of Tiffany & Co. for approximately $16 billion, marking one of the largest luxury brand acquisitions in history. Arnault’s investment firm, Agache, also holds stakes in companies like Netflix and ByteDance.
Arnault’s Ascension
Arnault’s net worth surged to $207.6 billion, propelled by a $23 billion increase, primarily driven by a 13% rise in LVMH’s market capitalization, which now stands at $388 billion.
Top 10 richest person in the world
According to the Forbes real-time billionaires list, the top 10 richest people in the world are-
- Bernard Arnault & Family ($207.6 billion)
- Elon Musk ($204.7 billion)
- Jeff Bezos ($181.3 billion)
- Larry Ellison ($142.2 billion)
- Mark Zuckerberg (139.1 billion)
- Warren Buffett ($127.2 billion)
- Larry Page ($127.1 billion)
- Bill Gates ($122.9 billion)
- Sergey Brin ($121.7 billion)
- Steve Ballmer (118.8 billion).
Elon Musk’s Position and Ventures
Elon Musk, the founder of Tesla, SpaceX, and The Boring Company, slipped to the second position on the billionaire list with a net worth of $204.7 billion. Musk’s wealth declined by $18 billion, attributed to fluctuations in Tesla’s stock prices. Despite this setback, Tesla’s market capitalization remains robust at $586 billion. Musk’s ventures include Tesla, known for its electric cars, SpaceX, a pioneering rocket manufacturer, and The Boring Company, focused on tunnel construction. Additionally, Musk made headlines in 2022 with the acquisition of Twitter for $44 billion.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
