Bernard Arnault Surpasses Elon Musk to Become World’s Richest Person

Bernard Arnault, the billionaire chairman and CEO of global luxury goods company LVMH, including brands like Louis Vuitton, has overtaken Elon Musk to become the richest person in the world, according to Forbes magazine. Arnault’s net worth surged to $207.8 billion, surpassing Musk’s $204.5 billion. This achievement came after a $23.6 billion increase in Arnault’s net worth on Friday.

The market cap of LVMH reached $388.8 billion, while Tesla‘s market cap stood at $586.14 billion. The Forbes real-time billionaires list shows Bernard Arnault as the new richest person in the world.

Other notable individuals on the list include Mukesh Ambani, the chairman of Reliance Industries (RIL), who ranks 11th with a net worth of $104.4 billion, and Gautam Adani, who holds the 16th spot with a net worth of $75.7 billion.

LVMH, the world’s largest luxury group, recently reported a 10% rise in fourth-quarter sales, driven by strong demand from Chinese buyers and resilient demand for high-end fashion. The company’s fashion and leather goods division, which includes brands like Louis Vuitton and Dior, saw a growth of 9% during the quarter.

Arnault, 74, plans to bring his sons Alexandre, 31, and Frederic, 29, to join the board and take their places in the family-run business.

Meanwhile, Tesla saw a decline of over 12% in its stock value after CEO Elon Musk warned of slower sales growth this year. Tesla’s revenue in the fourth quarter of 2023 amounted to $25.2 billion, falling short of Wall Street predictions.