The LVMH owner is once again the richest man in the world.

Forbes reported that LVMH owner Bernard Arnault surpassed Elon Musk on January 26th to become the world's richest person.

Forbes' real-time billionaire rankings show Arnault's net worth is now $207.8 billion, after increasing by $23.6 billion on January 26th. Meanwhile, Musk currently owns only $204.5 billion. This puts Arnault ahead of Musk to become the world's richest person.

Tesla shares fell by as much as 13% on January 25th and only rose slightly by 0.3% yesterday. This was due to Musk's warning that the company's revenue growth could slow this year, as the company focuses on a new generation of cheaper electric vehicles, which will begin production in mid-next year. This caused Musk's net worth to drop by $18 billion in a single trading session.

Conversely, LVMH shares surged on January 26th, closing up 12.8%. This was due to the company announcing higher-than-expected revenue for 2023, at €86.15 billion ($93.3 billion), and also raising its annual dividend payout.

LVMH Chairman and CEO Bernard Arnault at a press conference on January 25. Photo: Reuters

LVMH is currently 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 acquired jewelry company Tiffany & Co. for nearly $16 billion, considered the largest luxury deal in the world. Agache, Arnault's private equity firm, also runs a venture capital fund called Aglaé Ventures. Forbes reports that this company has invested in businesses such as Netflix and ByteDance, the parent company of TikTok.

Arnault is currently the CEO and Chairman of LVMH. He has five children, all of whom work for LVMH. Recently, he appointed two of his sons to the LVMH Board of Directors. Previously, two of his other sons also served on the group's board. Arnault's aim is to consolidate the family's control over the world's largest luxury goods empire.

Ha Thu (according to Forbes)

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