LVMH chairman Bernard Arnault is now the world’s richest person, surpassing Elon Musk.
On January 26, Forbes’ real-time billionaire rankings showed Bernard Arnault’s net worth rising $24 billion to $208 billion. Musk is valued about $204 billion. It enabled Arnault overtake Musk as the world’s richest.
For years, Arnault and Musk have alternated as the world’s richest. Last time, LVMH had the top rank from late 2022 until mid-June 2023.
The recent trading performance of Tesla and LVMH shares also influenced this position shift.
Tesla stock plunged 13% on January 25 then gained 0.3% the next day. Elon Musk warned early that the company’s revenue growth may halt in 2024 as it focused on producing cheaper electric cars from mid-year. Musk’s net worth dropped $18 billion in one trading session after the disclosure.
LVMH shares rose nearly 13% on January 26 after reporting robust revenue growth. Revenue exceeded expectations in 2023, hitting over 86 billion euros (or $93 billion), and the business raised its dividend.
Tesla’s market worth was $586 billion and LVMH’s $390 billion on January 26.
In 1987, Moët Hennessy and Louis Vuitton merged to form LVMH, a worldwide business based in Paris, France. LVMH is a luxury fashion and watch company, holding 70 brands like Sephora, Tiffany & Co, Givenchy, Christian Dior, Dom Perignon, and Moët Hennessy.
Tiffany was bought by LVMH for almost $16 billion in 2021. This is the largest luxury goods acquisition.
Forbes reports that billionaire Bernard Arnault’s Agache firm runs Aglaé Ventures, a venture capital fund. Agache invests in well-known companies including Netflix and TikTok’s parent firm ByteDance.
Billionaire Bernard Arnault has five LVMH-employed children. He just added two sons to the company’s board. Two of his other offspring became LVMH board members. This structure ensures long-term Arnault family ownership of the conglomerate.
