The world’s richest man, luxury goods tycoon Bernard Arnault, has strengthened his lead over Elon Musk, who is in second place, writes “Bloomberg”.
Content will continue after the ad
Advertising
The LVMH owner’s fortune rose by $12 billion to nearly $210 billion on Thursday, according to the Bloomberg Billionaires Index, a record high and the second-largest one-day increase in history. The value of “Tesla” and “Twitter” owner Elon Musk has reached 180 billion dollars after a gain of 3.8 billion dollars.
The 74-year-old Arnaud’s rise came after investors cheered quarterly sales data posted by the maker of Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior brands. LVMH shares rose 5.7% to a record, entering the list of the world’s top 10 companies with a market capitalization of 444 billion euros.
The relatively low-key Arnault, whose family owns 48% of LVMH, joined Musk and Amazon.com Inc earlier this month. owner Jeff Bezos in the list of people whose wealth has exceeded 200 billion dollars. He is also the first person outside the United States to achieve this feat.
LVMH’s success was influenced by Chinese buyers who, after escaping the restrictions of the pandemic, splurged on buying expensive goods. The company experienced growth in all regions, even with a slight slowdown in the US.
While Arno is getting richer selling designer clothes and jewelry, Musk’s fortune has dwindled to $340 billion. His electric car maker, Tesla, is cutting car prices across the US in an effort to boost sales.
On the other hand, “Twitter” could get positive results already this quarter, Musk said in an optimistic interview this week. When he bought it, the social media platform was making big losses and had huge debts.