editor
Bernard Arnault, the brains behind luxury giants like Louis Vuitton and Sephora, has snagged the crown of the world’s richest person from Elon Musk.
Arnault’s journey to the top involved a staggering increase in net worth, hitting a whopping $207.8 billion, according to the real-time Forbes billionaires list.
This surge, totaling $23.6 billion in a single day, propelled him past Musk’s $204.5 billion fortune. While Musk faced a stock market stumble with Tesla dropping 13%, Arnault’s LVMH shares were on a luxurious ascent, soaring over 13% on the heels of robust sales.
As LVMH’s market cap reached $388.8 billion, it stands in formidable competition with Tesla’s $586.14 billion market cap.
Arnault’s reign at the top is fueled not just by fashion flair but also by savvy business moves, like the acquisition of Tiffany & Co. for nearly $16 billion in 2021—the talk of the town in luxury brand circles.
Arnault’s family dynasty is deeply woven into LVMH’s fabric, with five children working within the empire, securing a long-term family legacy.
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