ALBAWABA - French billionaire Bernard Arnault, Chairman and CEO of the global luxury goods conglomerate LVMH (Louis Vuitton Moet Hennessy), which includes brands like Louis Vuitton, has surpassed Elon Musk, the CEO of the American electric car company Tesla, to become the world's richest person.
Arnault's net worth and family wealth increased to $207.8 billion after a $23.6 billion rise on Friday, according to Forbes magazine, as reported by the Indian site "Live Mint."
In contrast, the net worth of Tesla's CEO reached $204.5 billion, while the market value of LVMH reached $388.8 billion on Friday, compared to Tesla's market value of $586.14 billion. Tesla's stocks witnessed a 13% decline on Thursday, leading to an erosion of over $18 billion from Elon Musk's net worth.
Arnault's ascendancy is closely followed by Amazon's founder Jeff Bezos ($179.9 billion), Oracle's co-founder Larry Ellison ($142.6 billion), and Meta's CEO Mark Zuckerberg ($138.8 billion).
LVMH stands as the world's largest luxury goods producer, overseeing 75 prestigious brands such as Louis Vuitton, Sephora, Tiffany & Co., and Christian Dior. In 2022, the company achieved a revenue of 79 billion euros and a net profit of 14 billion euros.
