Elon Musk, has lost the distinction of being the world's richest man, the crown of the richest person is now with Louis Vuitton CEO Bernard Arnault.
Paris: Elon Musk, the new boss of Twitter, has lost the distinction of being the world’s richest man, according to Forbes. The crown of the richest person is now with Louis Vuitton CEO Bernard Arnault. This happened due to the sharp fall of Tesla’s share price.
Currently, the total wealth of Arnault is worth $186.2 billion. The steep decline of Tesla’s share and the increase in the LVMH stock price on Monday made Arnault, the richest man on this planet.
Musk has held this position since September 2021, when he surpassed Amazon founder Jeff Bezos. Arnault made his fortune by building the world’s largest luxury goods company, including brands like Louis Vuitton and also Tiffany, Celine, and Tag Heuer.
Know about Bernard Arnault
Bernard Arnault is a noted businessman from France, born in 1949. He is the chairman of LVMH Moet Hennessy and the CEO of the Louis Vuitton group. At present, the group has around 70 firms, including Dom Perignon (wine), Louis Vuitton, Fendi, Marc Jacobs (clothing), and Fenty Beauty by Rihanna (makeup).
Four children of Arnault have been working in different segments of the LVMH empire. By profession, the richest man in the world is an engineer. The 73-year-old business tycoon was born and raised in an industrial family.
He joined a construction company, Ferret-Savinel, in 1971, run by his father. He was innovative from the beginning and changed the firm’s name to Ferinel Inc. in 1979. After that, Arnault focused his entire attention on the real estate business. He became president of the company in 1979.