The world's richest man, Bernard Arnault, is consolidating his lead over the second-richest person in the world, Tesla CEO Elon Musk. The gap between the two is now $30 billion.
The French businessman behind the LVMH empire added $11.6 billion to nearly $210 billion on April 13, his second-biggest one-day gain ever (the biggest gain was $13.1 billion in March 2022), according to the Bloomberg Billionaires Index.
Meanwhile, billionaire Elon Musk now has a net worth of $180 billion, down half from his peak of $340 billion in 2021.
Arnault's net worth soared after the conglomerate that owns Louis Vuitton and Christian Dior reported quarterly earnings on April 13. LVMH reported $17 billion in revenue in the first three months of the year, up 17% from the same period in 2022.
LVMH boss Bernard Arnault surpasses billionaire Elon Musk to become the world's richest person in December 2022. Photo: Italy24
LVMH shares rose 5.7% to a record in Paris trading, pushing the group into the world's top 10 companies with a market capitalization of $491 billion.
LVMH’s business was boosted by the easing of Covid-19 restrictions in Asia, especially China. In Europe and Japan, the group’s sales in the first quarter of 2023 increased sharply by 24% and 34%, thanks to strong demand from local consumers and international tourists . The figure in the US was 8%.
In early April, Mr. Arnault joined the ranks of individuals with a fortune exceeding $200 billion, along with Amazon CEO Jeff Bezos and billionaire Elon Musk. Mr. Arnault is the first person outside the United States to achieve this feat.
The chairman and CEO of LVMH surpassed the Tesla CEO to become the world's richest person in December 2022 with a total net worth of $198 billion, $22 billion higher than Mr. Musk's assets, according to Bloomberg .
Nguyen Tuyet (According to Bloomberg, CNN)
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