DNP Explainer: How Did Bernard Arnault Sneak Past Elon Musk to become the richest person in the world

DNP Explainer: Forbes reports that Bernard Arnault has surpassed Elon Musk to become the world's richest person. The chairman and CEO of LVMH, a multinational luxury goods corporation that owns brands including Louis Vuitton, and his family have amassed a net worth of $207.8 billion, following a $23.6 billion increase on Friday. According to the report, the Tesla CEO was worth $204.5 billion at the time.

Arnault Surges Ahead in the Luxury Boom

The two richest persons on the planet frequently compete with one another for the top spot. In December 2022, as the tech industry was struggling and luxury was proving resilient in the face of inflation, 74-year-old Bernard Arnault overtook Musk.

The French billionaire's net worth overtook Elon Musk's earlier in the year, but in June 2023, the CEO of Tesla and Twitter regained his position as the richest person on the planet. This came about as a result of Arnault's fortune drastically declining by $11.2 billion in a single day, as reported by Bloomberg. This sparked worries about a possible slowdown in the US economy and its effect on the demand for luxury products.

Aglaé Ventures' Diverse Portfolio

In addition, Netflix and ByteDance, the parent company of TikTok, are invested in by Aglaé Ventures, a venture capital firm supported by Arnault's holding company Agache. Outside of the commercial world, Arnault is an ardent art collector. His personal collection includes pieces by Matisse, Picasso, and Mondrian.

Billionaire Bonding in Paris

Elon Musk and Bernard Arnault made news at the same time for getting together for a formal meal in Paris. Given their estimated $426 billion combined net worth at the time, Musk, 51, and Arnault's choice of an opulent lunch location in Paris came as no surprise. Bloomberg claims that the two first met at Arnault's LVMH-owned Cheval Blanc, a posh hotel brand.

While Arnault was joined by two of his three kids, Antoine and Alexandre, Elon Musk took his mother, Maye Musk, to lunch in Paris. Arnault stated he was meeting Musk because “I know him (and) I think he is an exceptional entrepreneur” on the French news programme Quotidien.

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