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Bernard Arnault, Overtakes Elon Musk, Who is He?

Due to the Twitter issue and the sudden decline in the price of Tesla’s shares, Elon Musk’s wealth has decreased considerably. It has decreased its entire net worth, which peaked in November 2021 at $320 billion, to $185 billion.

Elon Musk, the tech billionaire and new CEO of Twitter, temporarily relinquished the title of world’s richest person to Bernard Arnault, the owner of LVMH, according to a Forbes article. On Wednesday, Elon Musk’s net worth was estimated to be $185,3 billion, while Bernard Arnault’s climbed by $185 billion.

Bernard Arnault, Overtakes Elon Musk, Who is He?

Only $200 million separates their respective fortunes at this time. Consequently, the struggle between Elon Musk and Bernard Arnault for the title of the world’s richest person may be noticed.

This is the second time in one day that Bernard Arnault has surpassed Elon Musk on the Real-Time Billionaires List of Forbes as of December 8th (Thursday).

Gautam Adani is now ranked third after Jeff Bezos ($111.8 billion), Warren Buffett ($105.9 billion), Bill Gates ($105.3 billion), and Larry Ellison ($101.5 billion) in terms of total net worth.

On September 16, this year, Adani Group chairman Gautam Adani surpassed Bill Gates as the world’s second-richest person. According to Forbes’ Real-Time Billionaires List, on of 16 September 2022, Adani’s net worth surpassed that of Amazon’s Jeff Bezos, totaling $155.7 billion. However, Arnault was eventually surpassed for the title of second-wealthiest.

Elon Musk’s Net Worth After Sharp Decline

Due to the Twitter issue and the precipitous reduction in the price of Tesla’s shares, Elon Musk‘s wealth has decreased considerably. It has decreased its entire net worth, which peaked in November 2021 at $320 billion, to $185 billion.

On September 27, 2021, Elon Musk first overtook Amazon’s Jeff Bezos as the richest person.

Who Is Bernard Arnault?

Born in Roubaix, France, on March 5, 1949, French billionaire Bernard Arnault is best known as the chairman and CEO of LVMH Mot Hennessy Louis Vuitton SA, the largest luxury goods company in the world.

Arnault obtained a degree in engineering from École Polytechnique in Paris. In 1971, he took over Ferret-Savinel, his father’s construction company. Eight years later, he rebranded the company Férinel Inc. and shifted its focus to real estate.

Arnault acquired Boussac Saint-Frères with the assistance of Antoine Bernheim, general partner of the French bank Lazard Frères & Co. This failed textile firm possessed the Christian Dior design label and fifteen million dollars of his assets.

Bernard Arnault, Overtakes Elon Musk, Who is He?

In 1987, then-company chairman Henri Racamier issued an invitation to Arnault to invest in LVMH. Arnault succeeded in displacing Racamier in 1990 by making investments through a joint venture with Guinness PLC. He then began luring several fashion brands into the LVMH fold, including Christian Lacroix, Givenchy, and Kenzo, as well as the leather goods companies Loewe, Céline, and Berluti, the jeweler Fred Joailler, and the DFS group (the largest duty-free retailer).

By appointing British fashion designer John Galliano to succeed the iconic Hubert de Givenchy at the latter’s Parisian fashion company in 1995, Arnault became renowned throughout Europe as the man who revitalized French couture.

One year later, Arnault, dubbed the “Pope of Fashion” by Women’s Wear Daily, relocated Galliano to Christian Dior and replaced him at Givenchy with the outspoken British fashion designer Alexander McQueen. Arnault then hired a young American designer called Marc Jacobs to serve as the brand’s creative director.

Bernard Arnault, Overtakes Elon Musk, Who is He?

LVMH acquired the majority of Jacobs’s eponymous clothing label in the same year. Even though all three designers subsequently resigned from their employment, by the beginning of the twenty-first century, Arnault’s fashion sense had renewed interest in these established fashion enterprises.

Arnault continued to acquire luxury enterprises, such as the prestigious French department store La Samaritaine (2010), the Italian jewelry giant Bulgari (2011), and the venerable American jeweler Tiffany & Co. (2021).

In addition, he created the Fondation Louis Vuitton (2014) in Paris’ Bois de Boulogne, a modern art exhibition designed by Canadian-American architect Frank Gehry. In 2007, Arnault was awarded one of France’s highest awards, the Commander of the Legion of Honor.