Bernard Arnault has overtaken Elon Musk as the world’s richest person.
Gatekeepers News reports that Arnault is the chairman and CEO of LVMH, a multinational luxury goods conglomerate that owns several iconic brands like Louis Vuitton and Sephora.
According to Forbes ‘ real-time billionaires list, his net worth surged to $207.8 billion, which is $3.3 billion higher than Elon Musk’s.
Arnault’s rise to the top was fueled by a $23.6 billion surge in LVMH’s shares at the end of market trade, while Tesla experienced a 13% slump in the stock market, leading to a massive loss of over $18 billion in Musk’s net worth.
On Friday, LVMH shares witnessed a remarkable 13% surge, driven by news of robust sales performance. The company’s market cap reached $388.8 billion, which is lower than Tesla’s valuation of $586.14 billion.
LVMH’s fourth-quarter results exceeded expectations, with a 10% organic sales growth, defying pessimistic predictions from investors. This performance marked an improvement from the third quarter’s 9% growth, showcasing resilient demand for LVMH’s upscale products during the festive season.
Arnault’s holding company, Agache, extends its influence through Aglaé Ventures. This venture capital firm reportedly invests in prominent businesses such as Netflix and ByteDance, the parent company of the social media sensation TikTok.
LVMH’s strategic acquisition of Tiffany & Co. for nearly $16 billion in 2021 was also a key driver of Arnault’s ascent to the summit of the wealth hierarchy.
