LVMH’s Bernard Arnault overtakes Elon Musk once again to become the world’s richest man.
This happened before, but this time it feels different.
Bernard Arnault is the CEO of LVMH, a conglomerate that controls a variety of luxury brands including Louis Vuitton, Tag Heuer, and Tiffany.
Much like Musk’s with Tesla stock, Arnault’s net worth is tied to the performance of LVMH’s stock.
Last week, a Delaware judge annulled a $55.8bn pay deal awarded to Elon Musk in 2018 by Tesla.
This is the reason why Arnault was able to overtake Musk.
Coupled with the fact that LMVH stock has been on the rise, while Tesla stock has been trading sideways.
It happened before.
Arnault has already overtaken Musk twice – the first time in the summer of 2023, and then a second time just a few weeks ago, in January.
What’s different now is that the other two times it was just by around a billion, whereas this time the margin is well over $10 billion.
At the time of writing, Arnault has a net worth of $211 billion, while Musk has a net worth of $198 billion.
In fact, in the ‘standings‘, Musk is now closer to Bezos ($193.8 billion) in third place than he is to Arnault in first place.
And it’s a little known fact that Musk and Arnault actually know each other.
Last year, they had lunch together in Paris.
With a combined net worth of nearly half a trillion dollars, this must’ve been the most expensive meal in history.
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