Bernard Arnault

Arnault, 73, is the chairman and CEO of LVMH - the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari - and is now worth an estimated ...

The Arnaults own more than 97 percent of Dior, which in turn owns 41 percent of LVMH. To assume first position he had to overtake Amazon-founder Jeff Bezos, 58 - who has now slipped to fifth on the list. The completion of the deal in October alone cause Bloomberg to knock $10billion off his value. Amazon value dropped below $1trillion for the first time since April 2020 in November. Elon Musk (pictured in February) waved goodbye to the title of world's richest man today. That shareholding structure remains in place today. Jeff Bezos, who was once the richest man in the world, has slipped to fifth position on the Bloomberg Index The family also owns close to 7 percent of LVMH directly providing it total voting rights of well above 50 percent and control of the company The family also owns close to 7 percent of LVMH directly providing it total voting rights of well above 50 percent and control of the company. The Arnaults own more than 97 percent of Dior, which in turn owns 41 percent of LVMH, His worth is down to $163.1billion, according to the Bloomberg Billionaire Index Bernard Arnault is the chairman and CEO of LVMH - the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari - and is now worth an estimated $170.6billion

The SpaceX and Tesla CEO's wealth has dropped to $168.5 billion, with his $44 billion​ spend on purchasing Twitter taking a chunk out of his net worth.

India’s economic growth likely slumped to a median 5.0% in the third quarter, its lowest this fiscal year, according to an ET poll of 11 economists. [Sebi Seeks Details onRatings of Adani Cos’ Loans and Securities](/epaper/delhicapital/2023/feb/22/et-front/sebi-seeks-details-onratings-of-adani-cos-loans-and-securities/articleshow/98132672.cms) [On the Podium: Chartbuster Growth, Pandemic Heroes](/epaper/delhicapital/2023/feb/22/et-front/on-the-podium-chartbuster-growth-pandemic-heroes/articleshow/98134405.cms)

The LVMH boss has a fortune estimated at $170.8 billion, exceeding Elon Musk's personal net worth.

Elon Musk's fall from atop the rankings caps a tumultuous year for the billionaire. His replacement is much more drama-free.

[to get out of the Twitter deal](/link/follow-20170101-p5b0lv), but failed. That higher value could lift his net worth, but it’s not yet being used by Bloomberg’s wealth index because it’s unclear whether any shares have traded so far and the size of the transactions. Musk’s bankers are considering providing him with new margin loans backed by Tesla stock to replace some of the high-interest debt he layered on Twitter, Bloomberg News reported. That’s less than the $US170.6 billion net worth of Arnault, 73, [whose wealth](/link/follow-20170101-p5at66) largely derives from his 48 per cent ownership of fashion giant LVMH. The electric carmaker’s stock is down more than 50 per cent this year. He shocked the world in April with

In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. Meanwhile, Tesla shares are ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) [wealth](/topic/wealth)of $185.4 billion, ahead of Musk which recorded a net worth of $185.3 billion, before jumping again to $190 billion. [Bloomberg Billionaires Index](/topic/bloomberg-billionaires-index), Musk, 51, is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. [Elon Musk](/panache/panache-people-101/elon-musk/profileshow/79257472.cms), who saw his net worth tumble by more than $100 billion in 2022, has been replaced by [Bernard Arnault](/panache/panache-people-101/bernard-arnault/profileshow/79679257.cms), the chief executive of luxury brand Louis Vuitton's parent company LVMH, as the world's richest man.

Elon Musk is no longer the world's richest person after Tesla's shares plunged 6 per cent - with a surprising businessman from France taking the title.

She is also the executive vice president at Louis Vuitton. All his children have senior roles at LVMH. New to Flash? LVMH was involved in what is believed to be the biggest luxury brand acquisition ever in January 2021 when it bought jeweller Tiffany & Co for $US15.8 billion ($A23 billion). Musk is also the chief executive of aerospace company SpaceX and social media network Twitter, which he took over in October after months of trying to wriggle out of the $US44 billion ($A64 billion) deal. Stella by Stella McCartney, Fenty Beauty by Rihanna and Benefit Cosmetics are in the perfumes and cosmetics category. In 1989, Arnault became the majority shareholder and chief executive of LVMH. The oldest of the children, Delphine, 47, became the youngest member of LVMH’s executive committee at age 43. Bernard Arnault is 73 years old and the chief executive of French luxury goods conglomerate LVMH Moët Hennessy – Louis Vuitton, known as LVMH. The title now belongs to French businessman Bernard Arnault, the chief executive of the LVMH empire, which includes Louis Vuitton, Christian Dior, Givenchy and Tiffany & Co, among other well-known luxury brands. It meant Musk ended the day worth an estimated $US181.3 billion ($A264.6 billion), while Arnault was worth about $US186.2 billion ($A271.7 billion). Elon Musk is no longer the world's richest person, according to Bloomberg and Forbes’ rich lists.

Louis Vuitton CEO Bernard Arnault has now taken over the world's richest person title after Elon Musk's Tesla shares fell sharply on Monday. | World News.

Arnault is also an art collector - which led to the opening of the Foundation Louis Vuitton in Paris’s Bois de Boulogne in 2014. According to Bloomberg’s wealth index estimates, the vast majority of Arnault’s fortune stems from his 97.5% stake in Christian Dior, which, in turn, controls about 41% of LVMH. Later, he spun off most of the company’s other businesses and used the windfall to buy a controlling stake in LVMH - whose two main companies - Louis Vuitton and Moet Hennessy had merged, reported Bloomberg. Born in Roubaix in the north of France in 1949, Bernard Arnault graduated from the elite engineering school École Polytechnique. He worked at the family business - Ferret Savinel - before moving to the US in 1981 where he ventured into property development. In the past years, the French tycoon has remained in the top 10 of the world's richest list but his position was below Amazon founder Jeff Bezos, and Meta founder Mark Zuckerberg.

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton became the world's richest man with a net worth of $188.6 billion, ...

The group also sells champagne, wine, spirits, fashion, leather goods, watches, jewellery, hotel stays, perfume, cosmetics and has 5,500 stores worldwide, as per LVMH website. Mr Arnault returned to France in 1984 and bought Boussac Saint-Freres, the bankrupt textile group that owned Christian Dior. He worked for the Ferret Savinel family firm before relocating to the US in 1981 and starting a career in real estate development, as per LVMH website.

According to the Bloomberg Billionaires Index, Bernard Arnault with a personal wealth of $185.4 billion, is now the world's richest man.

[PGurus App](https://play.google.com/store/apps/details?id=com.bilwg.pgurus&hl=en_IN&gl=US). Elon Musk, who saw his net worth tumble by more than $100 billion in 2022, has been replaced by Arnault as the world’s richest man. Bernard Arnault is the chief executive of luxury brand Louis Vuitton‘s parent company LVMH. Meanwhile, Tesla shares have plummeted around 58 percent to date. Elon Musk, 51, is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73. [Bernard Arnault](https://www.pgurus.com/?s=Bernard+Arnault) with a personal wealth of $185.4 billion, is now the world’s richest man.

Loss of top spot to LVMH chief executive comes after Tesla shares more than halve in value.

The electric car company has lost more than half of its market value since Musk first made a bid for Twitter in April. It calculates that he is now worth about $177bn, compared with Arnault’s net worth of $188bn. Musk has [sold about $20bn of Tesla shares](https://www.theguardian.com/technology/2022/nov/09/elon-musk-sells-tesla-shares-worth-4bn#:~:text=Musk%2C%20who%20is%20the%20world%27s,around%20135%20million%20Tesla%20shares.) since April to fund his purchase of Twitter. [ took ownership of Twitter](https://www.theguardian.com/technology/2022/oct/27/elon-musk-completes-twitter-takeover), is the chief executive of Tesla and its largest shareholder. [falls in the value of shares](https://www.theguardian.com/technology/2022/dec/09/elon-musk-could-lose-world-richest-person-title-tesla-value-almost-halves-twitter) in his electric car company Tesla.

According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 ...

Trying to interject the hostile reaction, Musk spent most of the five-minute appearance awkwardly standing still or pacing around on stage. [three council members announced they were resigning](https://news.sky.com/story/elon-musks-twitter-dissolves-trust-and-safety-council-just-days-after-its-members-speak-out-12767148) in a public statement posted on Twitter that said "contrary to claims by Elon Musk, the safety and wellbeing of Twitter's users are on the decline". A year prior, the same happened to Musk. [dissolved its Trust and Safety Council](https://news.sky.com/story/elon-musks-twitter-dissolves-trust-and-safety-council-just-days-after-its-members-speak-out-12767148), which was formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform. [Click to subscribe to the Sky News Daily wherever you get your podcasts](https://podfollow.com/skynewsdaily) [Today, the account has been suspended](https://news.sky.com/story/twitter-account-which-tracked-elon-musks-private-jet-is-suspended-12768020). [greeted with "a lot of boos"](https://news.sky.com/story/elon-musk-admits-a-lot-of-boos-greeted-his-cameo-at-dave-chappelle-gig-12766825) during an awkward on-stage appearance at a Dave Chappelle comedy show in San Francisco. [Tesla](https://news.sky.com/topic/tesla-6868), but stocks closed down 6.87% for the day today. [track the billionaire's aircraft, revealing the amount of pollution they cause](https://news.sky.com/story/worlds-second-richest-man-bernard-arnault-sells-private-jet-so-climate-activists-cant-track-him-12724462). Forbes said that the businessman's wealth peaked in November 2021 when he was worth $320bn (£258bn). The SpaceX and Tesla chief described the tracker, which uses publicly available air-traffic information, as a potential threat to his safety - and offered the teenager behind the social media page $5k (£4k) to shut down the @ElonJet account, which was rejected. According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 fashion and cosmetic brands, whose rose by $849m (0.46%).

Bernard Arnault, the chairman of French luxury goods giant LVMH, has just become the first European to top Bloomberg's list of the world's richest people, ...

He has been chairman and CEO of the company ever since. Arnault bought control of the group, returning it to profitability and embarking on a strategy to develop the world’s leading luxury goods company. Arnault has long held the title of Europe’s richest person, but the 73-year old keeps a much lower profile than Musk and isn’t personally active on any major social media platforms. Still, he is in no imminent danger of falling further down the list: His fortune remains comfortably bigger than that of Indian industrialist Gautam Adani ($125 billion) and Amazon [(AMZN)](https://money.cnn.com/quote/quote.html?symb=AMZN&source=story_quote_link) founder Jeff Bezos ($116 billion), who rank third and fourth on Bloomberg’s list. Arnault had already ousted Musk from the top spot on Forbes’ list of [“Real Time Billionaires”](https://www.forbes.com/consent/?toURL=https://www.forbes.com/real-time-billionaires/#22b1dd5c3d78) last week. LVMH has a market value of €362.4 billion ($386 billion). Six years later, he got wind that the French government was looking for a new investor to take over Boussac Saint-Freres. He began his career in the family-owned construction company, Ferret-Savinel, becoming chairman in 1978 after successive promotions. “In the process, he reinvigorated Christian Dior as the cornerstone of the new organization,” according to a biography on the LVMH website. Musk’s purchase of Twitter The luxury market has remained relatively steady this year, even as surging inflation has led less-affluent shoppers to change their spending habits. [Bernard Arnault](https://edition.cnn.com/2021/02/15/investing/arnault-mustier-spac-tikehau-capital/index.html), the chairman of French luxury goods giant LVMH [(LVMHF)](https://money.cnn.com/quote/quote.html?symb=LVMHF&source=story_quote_link), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating [Elon Musk](https://edition.cnn.com/2022/12/07/business/elon-musk-wealth/index.html#:~:text=Despite%20the%20losses%2C%20Musk%20is,net%20worth%20of%20%24171%20billion.) to second place.

Elon Musk has lost his spot as the world's richest person for the second time in a week, with Louis Vuitton Moet Hennessy (EPA:MC) part-owner...

[resilience of the luxury goods market](https://www.proactiveinvestors.co.uk/companies/news/1000812/louis-vuitton-chief-knocks-elon-musk-albeit-briefly-off-top-of-forbes-rich-list-1000812.html) in the face of the current global economic downturn. [activist shareholder Tulipshare](https://www.proactiveinvestors.co.uk/companies/news/999995/nothing-says-christmas-like-the-gift-of-esg-999995.html). [Twitter madness](https://www.proactiveinvestors.co.uk/companies/news/997886/tesla-s-musk-told-to-end-twitter-madness-by-wedbush-analysts-997886.html),” suggesting he was abandoning Tesla at a crucial time. [Twitter Inc (NYSE:TWTR)](https://www.proactiveinvestors.com/NYSE:TWTR/Twitter-Inc/) for US$44bn in October, new chief executive Musk has been battling to turn the social media into a profit-making business. [Louis Vuitton Moet Hennessy (EPA:MC)](https://www.proactiveinvestors.com/EPA:MC/Louis-Vuitton-Moet-Hennessy/) part-owner Bernard Arnault reclaiming the title. “His performance demonstrates how the Tesla Board has failed to hold Musk accountable - it’s time for shareholders to act,” said Antoine Argouges, chief executive of

Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH, surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index on Tuesday, ...

In his quest to stay under the radar, Arnault said in October that LVMH sold its private jet. He returned to France and made his foray into luxury goods in 1984, when he took over Boussac Saint-Freres, the bankrupt textile group that owned a gem: Christian Dior. He went on to work at the family business, Ferret Savinel, which focused on industrial construction, before moving in 1981 to the U.S., where he ventured into property development. Paris-based LVMH generated €64 billion ($68 billion) in sales last year, a sharp rebound from the depths of the pandemic in 2020. Never before has anyone from France—or Europe as a whole—laid claim to having the largest fortune on the planet. While weakening markets have also taken a bite out of Arnault’s wealth this year—his fortune is down about $7.2 billion in 2022—he’s fared better than the tech billionaires who dominate the world’s rich list.

Luxury goods mogul Bernard Arnault is now the richest man in the world, bumping Tesla CEO Elon Musk down to the second spot, according to the Bloomberg ...

The French tycoon behind luxury-goods powerhouse LVMH surpassed Twitter owner Elon Musk in wealth this week. He doesn't tweet.

A member of the Hermes clan called him “a wolf in cashmere” for the predatory ways he attempted to take over their company. Arnault and his family own about 48 per cent of the shares in the company, with 64 per cent of the voting rights, according to its annual report. In his quest to stay under the radar, Arnault said in October that LVMH sold its private jet. He returned to France and made his foray into luxury goods in 1984, when he took over Boussac Saint-Freres, the bankrupt textile group that owned a gem: Christian Dior. The venue is a monumental private art museum designed by Frank Gehry, meant to house LVMH’s corporate collection as well as Arnault’s. “With all these stories, the group had a plane and we sold it,” Arnault said on Radio Classique, which is owned by LVMH. He went on to work at the family business, Ferret Savinel, which focused on industrial construction, before moving in 1981 to the US, where he ventured into property development. Paris-based LVMH generated €64 billion ($97 billion) in sales last year, a sharp rebound from the depths of the pandemic in 2020. While weakening markets have also taken a bite out of Arnault’s wealth this year — his fortune is down about $US7 billion in 2022 — he’s fared better than the tech billionaires who dominate the world’s rich list. It’s a training ground for ambitious designers seeking to make a name for themselves: Marc Jacobs and the late Virgil Abloh at Louis Vuitton, Raf Simons at Christian Dior, Phoebe Philo at Celine. Before him, no one from France — or Europe as a whole — had laid claim to having the largest fortune on the planet. Though LVMH Moet Hennessy Louis Vuitton oozes extravagance, with 75 labels ranging from Dom Perignon to Christian Dior to Tiffany, he’s sought a low profile in a country where bling-bling displays of wealth are frowned upon.