After buying Twitter, Elon Musk’s fortune dropped significantly. A Frenchman is now at the forefront of the super-rich.
Paris/New York – Elon Musk is no longer the richest man in the world. In the daily updated rankings of the super rich, French luxury tycoon Bernard Arnault has a Twitter and Tesla– The boss is ahead. Both pas Bloomberg Billionaires also at Forbes The northern Frenchman pushed out the tech billionaire Musk from the top spot.
Bernard Arnault: How did he get so rich?
Arnault’s wealth is quantified Bloomberg on Wednesday to $171 billion (€160.9 billion), Forbes at the last moment to 191 billion dollars. But who is Arnault and what made him so rich?
The 73-year-old entrepreneur is best known as the head of French luxury empire LVMH, which owns fashion brands such as Dior and Louis Vuitton and champagne brands such as Moët & Chandon.
Arnault was born in 1949. in an industrial family in Roubaix, northern France, not far from the Belgian border. His father and grandfather brought him into the family business early on, and the engineer, who was trained at the famous École Polytechnique, later took over the business from his father.
Louis Vuitton, Dior, Moët & Chandon: luxury made Arnault a billionaire
In the 1980s, the transition to luxury: Arnault joins the struggling designer company Christian Dior and becomes a majority shareholder in the luxury goods group LVMH. He is expanding the group and, according to himself, was initially criticized for the idea of grouping the brand. But the French were lucky. LVMH is now a giant in the luxury segment and one of the most valuable groups in Europe across all sectors.
Arnault is trying to keep trying new things with LVMH’s flagship brand Louis Vuitton. Louis Vuitton is an innovative brand, he told the newspaper Le Figaro. “Creation must always innovate and surprise, and continuity is maintained thanks to historical products.” The crisis of recent years has not affected many luxury goods manufacturers either. LVMH reported an increase in sales in the first nine months of the year from 28 percent
Elon Musk: Twitter’s acquisition of fortunes has fallen sharply
But Arnault and his family, for whom the father of five children is famous The world has now divested a large portion of LVMH and benefited from the ultra-rich, primarily due to the current decline in Musk’s wealth. According to the estimate Bloomberg it has fallen more than $100 billion since January to $164 billion recently. The reason is, among other things, the purchase of the text messaging service Twitter. Electric car maker Tesla’s share price has also fallen sharply this year.
The duel between Musk and Arnault the title of the richest man in the world should continue. The reason: Inaccurate and sometimes controversial asset valuations are often based on publicly available information about assets such as real estate, artwork, other luxury goods and stocks. And as you know, their rates sometimes change quickly. (ph/dpa)