General news
Who is Bernard Arnault, briefly the richest man in the world?
Elon Musk
Billionaire businessman Elon Musk was recently knocked off the top spot on Forbes’ real-time billionaires list for a short period, coming in second to Bernard Arnault and his family, owners of the LVMH Moët Hennessy Louis luxury brand group. Vuitton.
The slight drop in Musk’s net worth was attributed to a drop in shares of his auto company Tesla. “Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, fell 2.7%,” Reuters reported, saying Tesla investors are being cautious after Musk’s increased focus on Twitter.
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Jeff Bezos
Musk regained his position shortly thereafter. With a net worth of $185.4 billion, Musk is now followed again on the Forbes list by Arnault with $184.7 billion. Musk had surpassed Amazon founder and CEO Jeff Bezos in 2021 for the top spot. The number three spot is currently held by Indian businessman Gautam Adani, with a net worth of $135.4 billion.
Who is Bernard Arnault?
Chairman and CEO of LVMH Mo
Arnault is a French businessman, who is currently the Chairman and CEO of LVMH Moët Hennessy Louis Vuitton, one of the world’s most valuable luxury goods groups. The group owns some 70 companies, including Dom Perignon (wine), Louis Vuitton, Fendi and Marc Jacobs (clothing) and Fenty Beauty by Rihanna (makeup).
Christian Dior
Arnault was born into an industrial family in Roubaix, France. He began his professional career as an engineer and became president in 1978. Then, in 1984, he undertook the reorganization of the Financière Agache holding company. He “He Regained the group’s profitability when he embarked on a development strategy for the world’s leading luxury goods company. In the process, he reinvigorated Christian Dior as the cornerstone of the new organization,” according to the LVMH website.
LVMH Mo
In 1989, he became the majority shareholder of LVMH Moët Hennessy – Louis Vuitton. Since then he has been President and CEO of the company. His four children are also involved in the different companies that are part of the group.
What is the Forbes list?
Lakshmi Mittal
Forbes magazine publishes an annual list of the world’s richest people, as it did in April this year, featuring Indian industrialists such as Lakshmi Mittal, Kumar Birla and Shiv Nadar. But the list that Arnault beat Musk on for a while was the real-time list that’s available all year. It has a ranking system that “tracks the daily ups and downs of the world’s richest people.”
The value of people’s public holdings is updated every five minutes when the respective stock markets are open. People whose fortunes are significantly tied to private companies will see their net worths updated once a day, which is why even on a day-to-day basis, rankings can change on the list. A few months ago, Adani ranked second and displaced Arnault on the same list.
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