Wednesday, February 28, 2024

Bernard Arnault surpasses Elon Musk as World’s Richest, Forbes Report

Immigration News

Fidel Rahmati
Fidel Rahmatihttps://www.khaama.com
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati

Forbes magazine’s latest report reveals that Bernard Arnault, the billionaire chairman of LVMH (Moët Hennessy Louis Vuitton), a conglomerate that owns numerous luxury brands, has now become the world’s wealthiest individual, surpassing Elon Musk.

This report was published on Friday, January 26, and according to Forbes’ billionaire list, Arnault’s net worth surged by $23 billion on that day alone, reaching a staggering $207 billion.

In contrast, Elon Musk, the CEO of Tesla, holds a net worth of $204 billion, making him the second-richest person globally.

The news of Arnault’s ascent comes as Tesla, Musk’s electric vehicle manufacturing company, faced a challenging day in the stock market on Thursday, plummeting by 13% and causing Musk to lose over $18 billion of his net worth.

Meanwhile, on the same Friday, LVMH’s stock witnessed a remarkable increase of over 13%.

LVMH is renowned for being the parent company behind a multitude of luxury brands, including Louis Vuitton and Sephora.

Bernard Arnault’s remarkable wealth growth on that Friday solidified his position as the world’s richest person, marking a significant milestone in his financial journey.

The ongoing financial dynamics between these two billionaires continue to capture the attention of the business world, as their net worths fluctuate amidst market fluctuations and corporate developments.

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