Bernard Arnault Outpaces Elon Musk as the World’s Wealthiest Individual
French magnate Bernard Arnault, the mastermind behind luxury powerhouse LVMH, has outpaced Elon Musk as the world’s wealthiest individual.
Arnault’s net worth surged to a staggering $207.8 billion on Friday, experiencing a remarkable uptick of $23.6 billion, surpassing Musk’s standing at $204.5 billion. The plunge in Tesla’s stock by 13% on Thursday resulted in an over $18 billion reduction in Musk’s net worth. In stark contrast, LVMH shares surged over 13% on Friday, buoyed by optimistic sentiments following robust sales reports.
The market capitalization of LVMH reached $388.8 billion on Friday, while Tesla’s stood at $586.14 billion.
The 74-year-old CEO of LVMH, Arnault, has meticulously crafted his luxury empire over nearly four decades. His strategic acquisitions and nurturing of iconic brands like Louis Vuitton, TAG Heuer, and Dom Pérignon have been instrumental in his ascent. Arnault has also strategically involved his five adult children in the business. Beyond the realm of business, Arnault is an avid art collector, boasting a personal collection that includes works by renowned artists like Picasso, Matisse, and Mondrian.
In April, LVMH achieved a milestone by surpassing $500 billion in market valuation, a testament to the enduring appeal of luxury goods even in turbulent economic times.
The acquisition of Tiffany & Co. by LVMH for nearly $16 billion in 2021 is hailed as the largest luxury brand acquisition ever. Arnault’s venture capital firm, Aglaé Ventures, backed by his holding company Agache, invests in prominent businesses such as Netflix and ByteDance, the parent company of TikTok.
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