Bernard Arnault, the CEO and owner of the luxury conglomerate LVMH, has overtaken Elon Musk to become the world’s wealthiest individual.
The fortune of Arnault and his family surged by $23.6 billion late last week, reaching a staggering $207.8 billion, thus eclipsing the wealth of Tesla’s founder, which stands at $204.5 billion.
Forbes data reveals that Tesla’s stock value plummeted by 13% resulting in Musk losing over $18 billion.
Conversely, shares of LVMH experienced a surge of over 13%, fueled by robust sales.
Arnault, a father of five, has ensured that all his children are involved in LVMH, securing the family’s long-term control over the company.
Photo: © Barande Jérémy /EP/Wikimedia Commons