The chairman and CEO of global luxury goods company LVMH, Bernard Arnault has surpassed Tesla and Twitter CEO, Elon Musk as the world’s wealthiest man.
This is coming after Elon Musk lost over $18 billion in his net worth after Tesla stock plunged last week, wiping over $73 billion off the company’s market value.
Forbes’ real-time billionaire list places the 74-year-old Arnault and his family’s net worth at $207.8 billion after a $23.6 billion increase, passing Musk’s $204.5 billion.
Compared to Tesla’s $586.14 billion market cap, the market cap of LVMH reached $388.8 billion. Arnault first surpassed Musk in December 2022.
Tesla and SpaceX CEO returned as the world’s richest man in December last year, recapturing the title from French luxury tycoon Arnault.
With a combined net worth of about $426 billion at the time, Musk and Arnault had lunch in Paris in June last year. They met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVM.
Tesla shares fell more than 11 per cent last Friday, cancelling $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals.
The world’s most valuable automaker said its sales growth this year “may be notably lower” than last year as it continued developing the “next-generation” vehicle, likely a lower-priced model.
Africa’s wealthiest man Aliko Dangote had a net worth of $16.1 billion in November 2023, according to the Bloomberg Billionaires Index. He is the world’s richest black person, and the world’s 107th richest person overall.
