In a significant shift atop the global billionaire rankings, Bernard Arnault, the CEO of luxury conglomerate LVMH, has overtaken Tesla’s Elon Musk to claim the title of the world’s richest person or individual. According to the latest figures from Forbes’ real-time billionaires list, Arnault and his family’s net worth surged to $207.8 billion, marking a substantial increase of $23.6 billion in a single day, and surpassing Musk’s $204.5 billion fortune.
This development comes in the wake of contrasting fortunes for both Arnault’s LVMH and Musk’s Tesla in the stock market. LVMH shares experienced a notable upswing of over 13 percent on Friday following reports of robust sales, propelling the company’s market capitalization to $388.8 billion. Meanwhile, Tesla witnessed a sharp decline of 12 percent on Thursday, wiping out more than $18 billion from Musk’s net worth, as the electric vehicle manufacturer grappled with concerns over slowing sales growth.
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Tesla’s stock slump was exacerbated by Musk’s cautionary remarks regarding future sales projections. Musk disclosed plans to focus on producing more affordable next-generation electric vehicles at Tesla’s Texas facility by the latter half of 2025, a strategy that could potentially impact profit margins. Analysts, including those from TD Cowen and CMC Markets, expressed skepticism over Tesla’s prospects, citing challenges in maintaining profitability amidst intensifying competition in key markets.
As Arnault ascends to the summit of global wealth, surpassing tech titan Musk, the dynamics of the billionaire landscape continue to evolve, reflecting the fluidity of the global economy and the competitive pressures facing industry leaders.
[Source: Adapted from various news agencies.]
