Forbes reports that French businessman Bernard Arnault, the chairman of luxury conglomerate LVMH, has surpassed Elon Musk to become the richest person in the world. Arnault’s net worth increased by $23.6 billion to $207.8 billion, whereas Musk’s is $204.5 billion.
The Success of LVMH
The remarkable 10% increase in LVMH’s fourth-quarter sales is connected to Arnault’s wealth surge. In the most recent quarter, the conglomerate’s sales came close to $26 billion, driven primarily by Chinese consumers’strong desire for luxury goods like Louis Vuitton.
Musk’s Shares Drop
Elon Musk, on the other hand, had difficulties when Tesla shares fell more than 12% following his warning that this year’s sales growth would be slower. With its biggest intraday decline in more than a year, Tesla’s shares lost $80 billion in market value.
Bernard Arnault’s Luxurious Empire
As the CEO of LVMH Bernard Arnault, who is 74 years old, has progressively created a luxury conglomerate over almost 40 years. His extraordinary success has been fueled by his well-timed acquisitions of renowned companies like TAG Heuer and Louis Vuitton. Arnault’s ascent to the top of Forbes’ list of billionaires is indicative of his consistent success in the luxury industry.
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