The international economic panorama has undergone a major change, with Elon Musk being replaced as the richest person in the world. Bernard Arnault, the billionaire chairman and CEO of global luxury goods company LVMH, now holds this prestigious title.
Arnault’s Ascension
According to Forbes magazine, Arnault and his family’s wealth skyrocketed to $207.8 billion following a remarkable surge of $23.6 billion on Friday. This astounding growth has placed Arnault ahead of Musk, whose fortune is estimated at $204.5 billion.
Billionaires’ Ranking
Trailing behind these top two billionaires are Amazon’s Jeff Bezos with $186.6 billion, followed by Oracle’s Larry Ellison at $142.4 billion.
Others on the list include Mark Zuckerberg at $139.1 billion, Warren Buffett at $127.2 billion, Larry Page at $127.1 billion, Bill Gates at $122.9 billion, Sergey Brin at $121.7 billion, and Steve Ballmer at $118.8 billion.
Tesla Stock Tumbles
Tesla, led by Musk, faced a challenging day on the stock market on Thursday with a 13% drop. This drop resulted in Musk’s net worth decreasing by over $18 billion.
Rise in LVMH Shares
In contrast, LVMH shares witnessed a 13% surge, pushing the company’s market capitalization to $388.8 billion, while Tesla’s market capitalization stood at $586.14 billion.
Decades-Long Luxury Empire
Arnault, 74, has meticulously crafted his wealth over nearly four decades, establishing an expansive empire in the realm of luxury goods. This empire comprises renowned brands in fashion, jewelry, and the alcohol industry, including Louis Vuitton, TAG Heuer, and Dom Perignon.
Strategic Acquisitions
A significant factor in Arnault’s financial success was the acquisition of Tiffany & Co. by LVMH in 2021, valued at nearly $16 billion. Arnault’s broader influence is evident with his venture capital firm Aglaé Ventures investing in companies like Netflix and TikTok’s parent company, ByteDance.
Family Control
Arnault’s unwavering dedication to preserving the family legacy and maintaining control has come to the forefront through his recent strategic maneuvers. In a determined effort to ensure enduring family authority, he has appointed two of his sons to the LVMH board.
Solidifies Authority
This strategic move further strengthens the Arnault family’s grip on the luxury goods empire, complementing the already-established presence of two other family members within the boardroom.
Musk & Twitter
Musk, originally from South Africa, has become a household name through ventures such as the acquisition of the social media platform X, formerly known as Twitter, for $44 billion in 2022.
From Software to Diverse Ventures
His entrepreneurial journey started in software companies like Paypal and Zip2 before branching out into a diverse range of business ventures.
Tesla’s Journey
Tesla stands out as one of Musk’s most renowned enterprises. While he is no longer the company’s head, he has wielded great influence over its operations since 2008. The automaker specializes in the large-scale production of electric vehicles, earning commendation in an era where global efforts to reduce emissions are crucial.
$1 Trillion Market Value
Currently, Tesla reigns as the world’s most valuable automotive company, boasting a market value exceeding $1 trillion.
SpaceX’s Ambitions
SpaceX, another company founded by Musk, aims to revolutionize space travel and colonization. The company has achieved several milestones, including the first reuse of a crewed space capsule and sending humans into orbit.
Accessible Space Exploration
SpaceX has gained worldwide attention for its innovative approach to space travel and its commitment to making space exploration more accessible and affordable.
Innovations in Neuroscience
Neuralink, co-founded by Musk, focuses on integrating artificial intelligence with the human brain. The company is gearing up for clinical trials and intends to aid individuals with paralysis.
Infrastructure Innovations
The Boring Company, another Musk venture, explores infrastructure solutions like the Hyperloop, which essentially entails the creation of underground tunnels for automobiles.
However, this concept has faced criticism over its feasibility compared to traditional public transport systems.
Read Next: What Really Causes Donald Trump’s Skin to be So Orange
Former President Donald Trump’s distinctive orange skin has captivated attention, sparking curiosity about its evolution from average pale over the years:
What Really Causes Donald Trump’s Skin to be So Orange
27 Things MAGA Movement Ruined Forever for People
How the MAGA movement left its mark on individuals and disrupted certain aspects of our everyday life forever:
27 Things MAGA Movement Ruined Forever for People
Court Finally Unseals Secretive Case of Jan 6 Offender
Samuel Lazar sentenced for Jan. 6 insurrection; previously confidential case now revealed: Court Finally Unseals Secretive Case of Jan 6 Offender
Defamation lawsuit against Kari Lake advances while people compare her to Rudy Giuliani
Kari Lake loses First Amendment right to accuse Maricopa County recorder; Arizona Republic ponders if she’s channeling Rudy Giuliani in her sleep : Defamation lawsuit against Kari Lake advances while people compare her to Rudy Giuliani
More Democrats are flipping in a crucial swing state than Republicans
In Pennsylvania, a significant number of registered Democrats flipping is sending an unflattering signal to President Biden: More Democrats are flipping in a crucial swing state than Republicans
