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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