Bernard Arnault, the billionaire and CEO of LVMH, the global luxury goods company that owns brands such as Louis Vuitton, is now the world's richest person, surpassing Elon Musk. .
According to Forbes magazine, Arnault and his family's net worth jumped to $207.8 billion after increasing by $23.6 billion on Friday. Meanwhile, the Tesla CEO's net worth was $204.5 billion, according to Forbes magazine's Real-Time Billionaires List.
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LVMH's market cap on Friday reached $388.8 billion, while Tesla's market cap stood at $586.14 billion.
Top 10 richest people in the world
According to Forbes magazine's real-time billionaires list, the top 10 richest people in the world are:
- Bernard Arnault and his 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).
Mukesh Ambani, chairman of India's Reliance Industries (RIL), ranks 11th on the list of the world's richest people with a net worth of $104.4 billion. Meanwhile, Gautam Adani ranks 16th with a net worth of $75.7 billion.
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LVMH Q4 Results
LVMH recently reported a 10% sales increase in the fourth quarter, driven by strong demand for its luxury fashion, including from buyers in China. Sales at the world's largest luxury goods group, which owns brands such as Louis Vuitton, Dior and Tiffany, reached nearly 24 billion euros ($26 billion) in the last three months of the year.
Sales at LVMH's fashion and leather goods division, which includes its biggest brands Louis Vuitton and Dior, rose 9% in the quarter, slightly below expectations for a 10% rise.
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LVMH also saw sales increase in perfumes, cosmetics, watches and jewelry, but the only category with a decline was wine and spirits, which was down 4% for the year.
LVMH said its champagne business, led by Moët Hennessy, grew, but cognac took a hit as China and the United States returned to post-COVID-19 normalcy.
At the annual general meeting, Arnault, 74, announced that his sons Alexandre, 31, and Frédéric, 29, would be recommended by shareholders to join the company's board of directors.
Tesla stock plummets
Meanwhile, Elon Musk's Tesla shares fell more than 12% on Thursday after the CEO warned that sales growth would slow this year. Tesla stock suffered its steepest intraday decline in more than a year, wiping out $80 billion in market capitalization on Thursday. This resulted in a market capitalization loss of approximately $210 billion for the month.
Tesla's revenue was $25.2 billion, lower than Wall Street's forecast of $25.9 billion for the fourth quarter of 2023.
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