Bernard Arnault, the French tycoon behind luxury giant LVMH, has dethroned Elon Musk as the world’s richest person, according to Forbes’ real-time billionaires list.
Arnault’s net worth soared to $207.8 billion on Friday, fuelled by a 23.6 billion dollar surge, surpassing Musk’s $204.5 billion.
Tesla, Musk’s electric car company, saw its stock plummet 13 per cent on Thursday, eroding over $18 billion from his net worth. Meanwhile, LVMH shares soared over 13 per cent Friday, riding a wave of optimism following strong sales reports.
The market cap of LVMH reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap, the Forbes report said.
Arnault, the 74-year-old CEO of LVMH, has built his luxury empire over nearly four decades, meticulously acquiring and nurturing iconic brands like Louis Vuitton, TAG Heuer, and Dom Pérignon. He has also strategically brought his five adult children into the fold, creating a family-run business reminiscent of HBO’s hit show “Succession”.
In April, LVMH became the first European company to cross $500 billion in market valuation, a testament to the enduring allure of luxury goods even in turbulent economic times. Arnault’s first brush with the top spot came in December 2022, when the tech industry’s struggles contrasted with the resilience of luxury brands facing inflation.
The LVMH’s acquisition of Tiffany & Co. for nearly $16 billion in 2021 is considered the largest luxury brand acquisition ever.
Additionally, a venture capital firm called Aglaé Ventures, backed by Arnault’s holding company Agache, invests in businesses like Netflix and ByteDance—the parent company of TikTok.
Beyond business, Arnault is a passionate art collector, with a personal collection boasting works by Picasso, Matisse, and Mondrian.
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