LVMH CEO Becomes World's Wealthiest Individual


Bernard Arnault, the Chairman and CEO of LVMH, has overtaken Tesla's Elon Musk to become the richest person in the world.

According to Forbes' latest report, Bernard Arnault, chairman and CEO of French luxury goods conglomerate LVMH, has surpassed Tesla's Elon Musk to become the world's richest person. The Forbes real-time billionaires list shows that Arnault and his family's net worth increased by $23.6 billion on January 26th, reaching $207.8 billion, surpassing Musk's $204.5 billion.


This shift in wealth is closely related to the latest financial reports of LVMH and Tesla. LVMH's financial report for 2023 showed that its net profits and revenues reached new historical highs, leading to a significant increase in its stock price. In contrast, Tesla's latest report revealed a 23% decline in annual net profit and a slowdown in revenue growth to 19%, significantly lower than the growth rate of more than 50% in the previous two years, resulting in a more than 12% plunge in its stock price on January 25th, causing Musk to lose more than $18 billion in personal wealth.

Arnault, now 74 years old, born in Paris, France, is a successful entrepreneur, having brought famous fashion companies like Dior and LVMH under his command. Under his leadership, LVMH owns globally renowned luxury brands such as Louis Vuitton, Fendi, and Dior, and has successfully expanded into new business areas such as high-end dining and hotels. Recently, Arnault also nominated two of his sons as board members of the company, strengthening his family's control over it.

On the global billionaires list, the wealth fluctuations of Arnault and Musk have attracted widespread attention. In addition, other top billionaires on the list include American investment guru Warren Buffett, Indian business tycoons Mukesh Ambani and Gautam Adani.



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