Moet Hennessy Louis Vuitton (LVMH) chairman and CEO Bernard Arnold has overtaken Elon Musk to become the world’s richest man. According to Forbes, the French billionaire and his family’s net worth increased by $23.6 billion to $207.6 billion.
On Friday, Mr. Arnault’s net worth exceeded the Tesla CEO’s $204.7 billion net worth, which fell 13 percent with Mr. Musk losing more than $18 billion, the report added.
The two billionaires have been engaged in a tug-of-war of wealth since 2022, with Mr Arnault said to have taken the top spot later that year.
The report revealed that the market capitalization of LVMH – the entity behind luxury goods brands such as Dior, Bulgari and Sephora – reached $388.8 billion compared to Tesla’s $586.14 billion.
