The news recently broke that the owner of Twitter and companies like Tesla, Elon Musk, He is no longer the richest person in the world. And it is that the South African businessman, naturalized American, was ousted from that position by the French businessman Bernard Arnault, Who CEO of the LVMH luxury goods group.
Who is Bernard Arnault, the owner of LVMH who displaced Elon Musk and is the new richest man in the world
The fall in the market value of Tesla’s shares made the creator of a true luxury empire the new owner of the largest fortune on the planet
And it is that according to the magazine Forbes and the agency Bloombergthe fortune of Elon Musk suffered a sharp drop in the shares of his electric car company Tesla, this year. In addition to being executive director and main shareholder of Teslawith a stake of almost 14%, Musk also invested in the purchase of Twitter, for USD 44 billion, last October.
Forbes estimated that Musk’s fortune is currently $178 billion. On the other hand, Arnault’s fortune is valued at $188 billion.
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The French tycoon bernard arnault is founder, CEO and largest shareholder of the largest luxury goods group LVMHalso know as Moet Hennessy Louis Vuitton, with its headquarters, located in Paris.
LVMH has a total of 75 luxury brands, 163 thousand employees and a network of more than 4 thousand 590 stores around the world. Among the many other brands of the group, there are Bulgari, Kenzo, Tag Heuer, Dom Pérignon, Möet & Chandon, Hermès and Christian Dior.
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At the beginning of 2021, after a year of negotiations complicated by the pandemic, LVMH bought the legendary American jewelry Tiffany & Co.giving Arnault a bigger slice of that growing sector of exclusive jewelry.
Since then, the multinational conglomerate has set out to increase its presence in the online sales market and raise its profile among younger consumers and customers in China.
Arnault began his professional life in 1971 in his father’s construction and public works company, which he reoriented towards the real estate market and later assumed its general management in 1978. After a million-dollar investment that includes the textile division of Christian Dior, he became CEO of that company in 1985, and subsequently managed to consolidate perfumes with haute couture in the holding company Christian Dior SA, which includes LVMH among its subsidiaries.
By 1987 he bought LVMH shares and in the years that followed he launched an ambitious plan for the expansion of the group that would make it number one in luxury goods.
For 2013, the magazine Forbes he calculated his fortune in $29 billion, and by 2019 it had already reached the $100 billion, making him the richest person in France. Now, in 2022, the American magazine places it in first place worldwide.
Currently, the Mexican actress Salma Hayek is married to Francois-Henri Pinault, a French businessman and current president of a luxury brand conglomerate. It was April 26, 2006 when Pinault met Hayek. The couple have a daughter named Valentina Paloma.
Pinault and Arnault, both of French origin, are in direct competition, as both are presidents of a conglomerate of luxury brands. The two businessmen even competed to see who donated more money to Notra Dame after the fire detected in that historic site in 2019.
As for the businesses that belong to the empire of the Pinaultthese have more than 60 companies grouped in the holding artemis. In addition, this conglomerate owns the French soccer team Stade Rennais and the sports brand Cougarwhich was acquired by 5 thousand 300 million euros.
They are also owners of the influential magazine Le Pointthey have participation in the newspaper the world and run the French television network TF-1. The group owns the luxury brands Gucci, Balenciaga and Yves Saint Laurent.