Forbes said LVMH boss Bernard Arnault on January 26 surpassed Elon Musk to become the richest person on the planet.
Forbes' real-time billionaires ranking shows Arnault's fortune is now $207.8 billion, after increasing by $23.6 billion on January 26. Meanwhile, Musk now owns only $204.5 billion. This helps Arnault surpass Musk to become the richest person in the world .
Tesla shares fell as much as 13% on January 25 and were up just 0.3% yesterday after Musk warned that the company's revenue growth could slow this year as the company focuses on a new, cheaper electric car that will go into production in the middle of next year. This caused Musk's assets to decrease by $18 billion in just one session.
LVMH shares, on the other hand, surged on January 26, closing up 12.8%, as the company reported higher-than-expected 2023 revenue of 86.15 billion euros ($93.3 billion) and raised its annual dividend.
LVMH Chairman and CEO Bernard Arnault at a press conference on January 25. Photo: Reuters
LVMH is now the world's largest luxury group. It owns 70 fashion and cosmetics brands, including Sephora, Tiffany & Co, Givenchy, Christian Dior, Dom Perignon and Moët Hennessy.
In 2021, LVMH bought jewelry maker Tiffany & Co for nearly $16 billion, which is considered the world's largest luxury deal. Arnault's own company, Agache, is also behind a venture capital fund called Aglaé Ventures, which Forbes says has invested in companies like Netflix and ByteDance, TikTok's parent company.
Arnault is currently the CEO and Chairman of LVMH. He has five children, all of whom work for LVMH. He recently appointed two of his sons to the LVMH Board of Directors. Previously, his two other children were also members of the group's Board of Directors. Arnault's goal is to consolidate the family's control of the world's largest luxury goods empire.
Ha Thu (according to Forbes)
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