Bloomberg reported that Bernard Arnault, the chief executive of the French luxury-goods powerhouse LVMH, dethroned Elon Musk, the electric car company Tesla’s CEO, and became the richest person in the world. Bloomberg reported that it is the first time since launching the Bloomberg Billionaires Index in 2012 that a European became the world’s richest person. LVMH is a fashion giant that manages 75 prestigious brands across different sectors, including Louis Vuitton, Christian Dior, Tiffany & Co., and many more in the champagne, wine, hotel, perfume, and cosmetic industries.
According to the Bloomberg Billionaires Index, Mr. Arnault has a personal wealth of 170.8 billion dollars, whereas Elon Musk has 164 billion dollars. Mr. Musk’s fall from the rankings is attributable to the slashing of the market valuations of Tesla, which is down 54 percent this year.
Born in 1949 in Roubaix, France, Mr. Arnault graduated from the École Polytechnique, France’s top engineering school, and began working in the real estate development sector. He acquired Boussac, the parent company of Christian Dior, in 1984, and later LVMH, continuing his aggressive expansion into luxury fashion. Unlike Elon Musk, an outspoken businessman, the chief executive of LVMH rarely makes a public appearance and has no social media account. LVMH scrapped the age limit for serving as LVMH chief executive officer, which means that Mr. Arnault is likely to serve as the CEO until he becomes 80 years old. His five children also work for the group.
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