Bernard Arnault strips Jeff Bezos of the title of richest man in the world

Bernard Arnault strips Jeff Bezos of the title of richest man in the world

Bernard Arnault owns the Louis Vuitton conglomerate, which owns brands such as Christian Dior, Bulgari, Tag Heuer, Sephora, and Hennessy.

Photo: NICHOLAS KAMM / Getty Images

The great millionaires of the planet do not stop making money, a decision can make them win or lose huge fortunes in a matter of minutes.

This time Bernard Arnault, the owner of Louis Vuitton, has surpassed Amazon‘s Jeff Bezos as the richest man in the world, a position he was getting used to leading.

Arnault’s 47% stake in the luxury goods chain has now helped him amass $ 199.9 billion, while Bezos totals $ 194.9 billion, and Tesla’s Elon Musk has $ 185.5 billion, Bisiness Insider reported.

Frenchman Bernard Arnault is now the richest person in the world, based on Louis Vuitton’s current share price ($ 826.5 per share).

Arnault, who has been president of Louis Vuitton since acquiring a 44% stake in the group of brands in the late 1980s, is worth $ 199.9 billion as of Friday. That’s slightly more than the net worth of Jeff Bezos, who stands at roughly $ 194.9 billion, according to Forbes.

Combined with a family business, Arnault now owns 47% of Louis Vuitton, a conglomerate that has seen its share price skyrocket more than 30% so far this year to a total market value of $ 416 billion at closing. from Thursday. The group owns international brands such as Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora and Hennessy.

Louis Vuitton has seen a resurgence since the coronavirus pandemic, with people willing to spend again and with many of its brands setting record sales and profits in the first half of 2021. The company reported Semi-annual revenue of $ 17.4 billion, 14% more than pre-pandemic levels.

Another reason that led the Frenchman to assume the leadership of millionaires was Amazon’s profit drop of more than 7% last week, since with that move Bezos saw his net worth decrease by around $ 14,000 million in a single day.

Close to them, in third place, Elon Musk lists, with a 22.4% stake in Tesla and stakes in SpaceX, which make his personal fortune amounts to $ 185.5 billion, according to Forbes.

You may also like:

How Rihanna became the richest female singer on the planet (and it’s not because of the music)

Mexico sues US arms manufacturers, asks for $ 10 billion to compensate damages

Mattel honors women in science with creation of special edition Barbie

Source link