Bernard Arnault, the billionaire chairman and CEO of LVMH, has surpassed Elon Musk as the world’s richest person, with a reported net worth of $207.8 billion following a $23.6 billion increase. LVMH, the luxury goods conglomerate encompassing brands like Louis Vuitton, achieved a market cap of $388.8 billion, while Tesla’s market cap stood at $586.14 billion.
- Bernard Arnault & Family ($207.6 billion)
- Elon Musk ($204.7 billion)
- Jeff Bezos ($181.3 billion)
- Larry Ellison ($142.2 billion)
- Mark Zuckerberg (139.1 billion)
- Warren Buffett ($127.2 billion)
- Larry Page ($127.1 billion)
- Bill Gates ($122.9 billion)
- Sergey Brin ($121.7 billion)
- Steve Ballmer (118.8 billion).
India’s Reliance Industries (RIL) chairman Mukesh Ambani ranks 11th in the World’s Richest Persons list, with a net worth of $104.4 billion. Whereas Gautam Adani is at 16th spot, having a net worth of $75.7 billion.
LVMH reported a 10% increase in fourth-quarter sales, reaching nearly 24 billion euros, driven by strong demand, particularly from Chinese buyers, for high-end fashion brands like Louis Vuitton, Dior, and Tiffany. The fashion and leather goods division grew by 9%, slightly below the expected 10% growth. Sales in other segments, such as perfumes, cosmetics, watches, and jewelry, saw growth, except for wines and spirits, which decreased by 4% for the full year.
During an annual general meeting, Arnault announced that his sons, Alexandre and Frederic, aged 31 and 29, respectively, will be proposed to shareholders for inclusion on the board.
In contrast, Tesla experienced a significant setback as its shares plummeted over 12% following CEO Elon Musk’s warning of slowed sales growth in the coming year. The company’s stock suffered its sharpest intraday percentage loss in over a year, leading to a $80 billion market value reduction in a single day. Tesla’s fourth-quarter revenue of $25.2 billion fell short of Wall Street’s predicted $25.9 billion, contributing to a total market capitalization loss of about $210 billion for the month.
