Bernard Arnault surpasses Elon Musk as world's richest person
Bernard Arnault, the head honcho of luxury goods giant LVMH, has dethroned Tesla CEO Elon Musk to become the world's wealthiest individual, per Forbes. Arnault's fortune skyrocketed to $207.8 billion after a $23.6 billion bump, as LVMH shares soared over 13% on Friday. In contrast, Musk trailed at $204.5 billion, as Tesla's stock plummeted 13% on Thursday, wiping off over $18 billion from his net worth. Notably, LVMH market cap hit $388.8 billion on Friday, compared to Tesla's $586.14 billion.
Arnault's net worth exceeded Musk's earlier, too
In a historic moment, Arnault's first outpaced Musk in December 2022 as the tech sector faltered and luxury remained robust amid inflation. Later, LVMH became the first European firm to surpass $500 billion in market value in April 2023, and the net worth of Arnault exceeded Musk's once again. However, by June 2023, the Tesla CEO reclaimed the title of the world's wealthiest individual. This shift occurred following a notable $11.2 billion decline in Arnault's fortune in a single day.
Architect of luxury empires
Over nearly 40 years, 74-year-old Arnault has built his luxury empire, amassing and nurturing iconic labels like Louis Vuitton, TAG Heuer, and Dom Pérignon, among others. Furthermore, Aglaé Ventures, a venture capital firm supported by Arnault's Agache holding company, channels investments into enterprises such as Netflix and ByteDance, the parent entity of TikTok. Notably, LVMH's purchase of Tiffany & Co. for close to $16 billion in 2021 stands as the most significant acquisition in the history of luxury brands.
Power lunch between Musk and LVMH's head in Paris
To recall, in a headline-grabbing event in June 2023, Musk and Arnault had a power lunch at Cheval Blanc, an LVMH-owned luxury hotel chain in Paris. With their combined net worth totaling around $426 billion at the time, the meeting was hard to ignore. Speaking on the French news show Quotidien, Arnault said he met with Musk because "I know him (and) I think he is an exceptional entrepreneur."
Arnault enlisted children in business, curates prestigious art collection
Arnault has tactically involved his five children in his endeavors, establishing a family-operated enterprise. In addition to his business pursuits, he is an avid art enthusiast, curating a private collection adorned with masterpieces by Picasso, Matisse, and Mondrian.
