[February 16th] LVMH chairman once again world’s richest person

Bernard Arnault, chairman and CEO of luxury goods giant LVMH, has surpassed tech genius Elon Musk as the world’s richest person.

Arnault – who oversees an LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora – saw his net worth reached $207.6 billion after a $23.6 billion increase on Jan. 26, according to Forbes’ Real Time Billionaires List.

Elon Musk, CEO of Tesla, now has a net worth of $204.5 billion.

Tesla’s shares fell 13% on Jan. 25, and have been struggling since Musk announced slow growth this year due to a focus on a new, more affordable electric vehicle set for production next year.

This announcement led to a $18 billion loss in Musk’s net worth in one day.

LVMH shares, however, rose 12.8% on Jan. 26 following the announcement of higher-than-expected 2023 revenues at EUR86.15 billion ($93.3 billion).

LVMH, the world’s largest luxury group, acquired Tiffany & Co for nearly $16 billion in 2021, marking the luxury industry’s biggest deal.

It also invests in various companies including Netflix and ByteDance, TikTok’s parent company.

Arnault’s five children are all employed by LVMH. He recently named two of his sons to the LVMH Board of Directors. His other children have also served on the board.

Source: VN Express