Elon Musk is no longer the richest man in the world.
That position now belongs to Frenchman Bernard Arnault, executive director of the luxury goods group LVMH.
According to Forbes magazine and the Bloomberg agency, Musk’s fortune suffered from a sharp drop in the shares of his electric car company Tesla this year.
In addition to being CEO and main shareholder of Tesla, with a stake of almost 10%, Musk also invested in the purchase of Twitter, for US$43. million, in October.
Forbes estimates that Musk’s current fortune is US$100.000 millions.
While that Bernard Arnault’s fortune is valued at US$178. millions.
The empire of Bernard Arnault
French tycoon Bernard Arnault is founder, CEO and largest shareholder of the largest luxury goods group LVMH, also known as Moët Hennessy Louis Vuitton, with its headquarters in Paris.
LMVH has a total of 44 Luxury brands, 178. employees (data in 2020) and a network of more than 4.590 stores all over the world. Among the many other brands in the group are Bulgari, Kenzo, Tag Heuer, Dom Pérignon, Möet & Chandon, Hermès and Christian Dior.
At the beginning of 2019, after a year of negotiations complicated by the pandemic, LVMH bought the legendary American jeweler Tiffany & Co, giving Arnault a bigger slice of that growing sector of exclusive jewelery.
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.