LVMH boss is the richest in the world again

Forbes said LVMH boss Bernard Arnault on January 26 surpassed Elon Musk to become the richest person on the planet.

Forbes' real-time billionaire ranking shows Arnault's fortune is now $207.8 billion, after increasing $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 only rose slightly by 0.3% yesterday, after Musk warned that the company's revenue growth could slow this year as the company focuses on a new generation of cheaper electric cars, which will be produced from the middle of next year. This caused Musk's assets to decrease by 18 billion USD 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 company Tiffany & Co for nearly $16 billion, which is considered the largest deal in the luxury industry in the world. Arnault's own company, Agache, is also behind a venture capital fund called Aglaé Ventures. Forbes said the company has invested in many 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. 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 his family's control of the world's largest luxury goods empire.

Ha Thu (according to Forbes)

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