Bernard Arnault, the French mogul behind luxury conglomerate LVMH, has surpassed Elon Musk as the world's wealthiest person, according to Forbes' real-time billionaires list. Arnault's net worth jumped to $207.8 billion on Friday, fueled by a $23.6 billion increase, surpassing Musk's $204.5 billion.

Tesla, Musk's electric vehicle firm, had its shares fall 13% on Thursday, wiping off more than $18 billion from his net worth. Meanwhile, LVMH shares rose more than 13% on Friday, riding a wave of confidence following excellent sales results. According to Forbes, the market capitalization of LVMH hit $388.8 billion on Friday, while Tesla's market capitalization was $586.14 billion.

Arnault, LVMH's 74-year-old CEO, has spent nearly four decades painstakingly purchasing and developing renowned brands such as Louis Vuitton, TAG Heuer, and Dom Pérignon. He has also skillfully pulled his five adult children into the fold, resulting in a family-run corporation reminiscent of HBO's blockbuster drama "Succession".

In April, LVMH became the first european business to exceed $500 billion in market capitalization, demonstrating the persistent attractiveness of luxury products even in tumultuous economic times. Arnault's first foray into the top place occurred in december 2022, when the troubles of the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital industry were juxtaposed with the durability of luxury businesses fighting inflation.

Tiffany & Co. will be acquired by LVMH for approximately $16 billion in 2021, making it the biggest luxury brand purchase in history.

Aglaé Ventures, which is funded by Arnault's holding company Agache, also invests in startups such as Netflix and ByteDance, the parent company of TikTok. Beyond business, Arnault is an avid art collector, with a personal collection that includes works by Picasso, Matisse, and Mondrian.
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G GOWTHAM

28/01/2024 10:59 AM