By Oyintari Ben
Elon Musk briefly lost his title as the richest person in the world, passing the crown on to Bernard Arnault, the Chief Executive of luxury brand Louis Vuitton’s parent company LVMH.
Musk, the owner of Twitter and the CEO of Tesla Inc., lost his position after making the costly decision to purchase the social media business Twitter and then sell shares of his electric vehicle manufacturer to pay for the $44 billion (£36 billion) transaction.
According to Forbes, Arnault’s personal wealth has increased to $185.4 billion (£152.2 billion). He momentarily overtook Musk before slipping back to second place.
Since September 2021, Musk has maintained the top rank on Forbes’ list of the world’s wealthiest people. His net worth is $185.3 billion (£152.1 billion).
Since Musk took over Twitter, the value of Tesla shares has decreased by more than 47%.
When Arnault, 73, initially became involved with Louis Vuitton Mot Hennessy (LVMH), the two companies combined shortly thereafter.
Under his leadership, LVMH’s revenues and profits have increased 500%, and the business currently boasts over 70 fashion and beauty brands.
The largest luxury brand acquisition in history, Tiffany & Co. was purchased by LVMH in January 2021 for $15.8 billion (£12.9 billion).
Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer watches, Bulgari, and Tiffany & Co. are among the fashion labels owned by Mr. Arnault, who holds a roughly 50% stake in LVMH.
Along with Hennessy Cognac, Cloudy Bay and Château d’Yquem wines, and Moet & Chandon, Dom Pérignon, Krug, and Veuve Clicquot Champagnes, the firm also has an excellent portfolio of wine and liquor brands.
“Everyone told me when I took over Louis Vuitton, “It’s already so large, what more can you do?” Since then, we have tenfold increased that success,” he once remarked.
Federal authorities are looking into Elon Musk’s brain implant business after it was revealed that approximately 1,500 animals died in tests over the past four years.
