Advertisement

Updated January 28th, 2024 at 08:47 IST

Louis Vuitton's Bernard Arnault Surpasses Elon Musk as Richest Person in the World

Elon Musk faced challenges as Tesla shares dropped over 12 percent on Thursday after he warned of a slowdown in sales growth for the year.

Digital Desk
Bernard Arnault and Elon Musk
Bernard Arnault and Elon Musk | Image:Reuters
Advertisement

Paris: Louis Vuitton's owner, Bernard Arnault, has become the world's richest person, surpassing Elon Musk, according to Forbes. Arnault's net worth, including his family's, jumped to $207.8 billion after a $23.6 billion increase on Friday. In comparison, Tesla's CEO, Elon Musk, has a net worth of $204.5 billion. LVMH, Arnault's luxury goods company, which includes brands like Louis Vuitton, achieved a market cap of $388.8 billion, while Tesla's market cap is $586.14 billion.

Market Cap Comparison: LVMH vs Tesla

Elon Musk faced challenges as Tesla shares dropped over 12 percent on Thursday after he warned of a slowdown in sales growth for the year. This led to Tesla losing $80 billion in market value in a single day and a total market capitalization loss of about $210 billion for the month. In the fourth quarter of 2023, Tesla's revenue was $25.2 billion, falling short of the $25.9 billion predicted by Wall Street.

On the other hand, LVMH reported a 10% increase in fourth-quarter sales, as per reports, driven by strong demand, especially from Chinese buyers, for its high-end fashion. The world's largest luxury group, which owns brands like Louis Vuitton, Dior, and Tiffany, achieved nearly 24 billion euros ($26 billion) in sales in the last three months of the year. Sales in LVMH's fashion and leather goods division, including Vuitton and Dior, rose by 9%, slightly below the expected 10% growth.

Advertisement

LVMH's Strong Diversified Performance

LVMH also saw growth in sales of perfumes, cosmetics, watches, and jewellery, with wines and spirits being the only category to decline, down 4 percent  for the full year. Arnault, 74, announced at the annual general meeting that his sons, Alexandre, 31, and Frederic, 29, would be proposed to shareholders to join the board.

Advertisement

Top 10 Richest

According to the latest real-time billionaires list by Forbes, the wealthiest individuals globally are as follows:

Advertisement
  1. Bernard Arnault & Family with a net worth of $207.6 billion
  2. Elon Musk with a net worth of $204.7 billion
  3. Jeff Bezos with a net worth of $181.3 billion
  4. Larry Ellison with a net worth of $142.2 billion
  5. Mark Zuckerberg with a net worth of $139.1 billion
  6. Warren Buffett with a net worth of $127.2 billion
  7. Larry Page with a net worth of $127.1 billion
  8. Bill Gates with a net worth of $122.9 billion
  9. Sergey Brin with a net worth of $121.7 billion
  10. Steve Ballmer with a net worth of $118.8 billion.

In India’s context, Mukesh Ambani, the chairman of India's Reliance Industries (RIL), holds the 11th position on the list, with a net worth of $104.4 billion. Meanwhile, Gautam Adani secures the 16th spot with a net worth of $75.7 billion.

Advertisement

 

Advertisement

Published January 28th, 2024 at 08:45 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo