Billionaire entrepreneur Elon Musk was recently taken off the top position on Forbes’ Real-Time Billionaires List for a short period, coming second to Bernard Arnault & family, who own the LVMH Moët Hennessy Louis Vuitton group of luxury brands.
The slight drop in Musk’s net worth was attributed to a fall in his automobile company Tesla’s shares. “Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%”, reported Reuters, saying Tesla investors are being cautious after Musk’s increased focus on Twitter.
Musk quickly took back his position. Musk is once more trailed in the Forbes list by Arnault, who has a net worth of $184.7 billion. In 2021, Musk surpassed Jeff Bezos, the founder, and CEO of Amazon, for the top position. With a net worth of $135.4 billion, Indian entrepreneur Gautam Adani is now in third place.
Who is Bernard Arnault?
The chairman and CEO of LVMH Moet Hennessy Louis Vuitton, one of the most valuable luxury goods businesses in the world, is the French businessman Arnault. The group owns about 70 businesses, including Fenty Beauty by Rihanna, Louis Vuitton, Marc Jacobs, Fendi, and Dom Perignon (wine) (make-up).
In Roubaix, France, Arnault was born into an industrial family. He started out in business as an engineer before rising to the position of chairman in 1978. The Financière Agache holding firm was then reorganized by him in 1984. “He established a plan to create the top luxury products company in the world as he brought the group back to profitability. As a result, he gave Christian Dior fresh life as the foundation of the new company, according to the LVMH website.
He became in control of LVMH Mot Hennessy – Louis Vuitton in 1989. He has served as the company’s chairman and CEO ever since. His four children work for the many businesses that make up the organization.
What is the Forbes list?
Every year, Forbes Magazine publishes a list of the world’s wealthiest individuals. This year, the list was published in April, and prominent Indian businessmen including Lakshmi Mittal, Kumar Birla, and Shiv Nadar were included. However, Arnault briefly surpassed Musk on the Real-Time list, which is accessible all year long. Its ranking methodology “tracks the daily ups and downs of the world’s richest people.”
When respective stock markets are open, the value of each individual’s public holdings is updated every five minutes. The rankings may change even on a daily basis because people whose fortunes are heavily reliant on private enterprises will have their net worths updated once daily. A few months ago, Arnault was replaced by Adani at the number two spot on the same list.
