Bernard Arnault, the chairman and CEO of the world’s largest luxury goods company LVMH Moët Hennessy Louis Vuitton, briefly surpassed Elon Musk to become the world’s richest person.
Arnault’s net worth reached $207.6 billion on Friday, after a $23.6 billion increase. This put him ahead of Musk, whose net worth dropped to $204.7 billion after a 13% decline in Tesla’s stock price.
However, the Bloomberg Billionaires Index still showed Musk as the richest person in the world, with a net worth of $199 billion. This discrepancy is due to the different methodologies used by Forbes and Bloomberg to calculate net worth.
Arnault’s rise to the top of the wealth rankings is due in part to the strong performance of LVMH shares. The company’s stock price has risen 30% in 2023, as demand for luxury goods has remained strong despite the global economic slowdown.
Musk’s net worth, on the other hand, has been hit by the decline in Tesla’s stock price. The electric carmaker’s shares have fallen 13% in 2023, as concerns about competition and demand have weighed on the stock.
It is still too early to say whether Arnault will be able to hold onto the top spot for long. Musk has a history of bouncing back from setbacks, and his net worth could quickly rebound if Tesla’s stock price recovers.
The competition between Arnault and Musk is a sign of the growing importance of the luxury goods and technology industries. These two sectors are expected to continue to be major drivers of economic growth in the years to come.
Here are some additional details about Arnault and Musk:
Arnault is 73 years old and has a net worth of $207.6 billion. He is the chairman and CEO of LVMH, which owns a portfolio of luxury brands including Louis Vuitton, Dior, Sephora, and Hennessy.
Musk is 51 years old and has a net worth of $204.7 billion. He is the CEO of Tesla and SpaceX, and the founder of The Boring Company and Neuralink.
It will be interesting to see how the competition between these two titans of industry plays out in the years to come.
