Anjali Sharma
GG News Bureau
NEW YORK, 29th Jan. According to Forbes’ real-time billionaire list on Sunday has reported that Bernard Arnault, chairman and CEO of global luxury goods company LVMH is now the world’s richest man as Elon Musk lost over $18 billion in his net worth after Tesla stock nosedived last week, wiped over $73 billion off the company’s market value.
LVMH shares were up over 13 per cent on their last close on Friday, media news reported
According to Forbes’ real-time billionaire list, Arnault and his family’s net worth grew to $207.8 billion after a $23.6 billion increase, passing Musk’s $204.5 billion.
The market cap of LVMH reached $388.8 billion, compared to Tesla’s $586.14 billion market cap.
Bernard Arnault, 74 years old first surpassed Musk in December 2022.
Tesla and SpaceX CEO returned as the world’s richest man last December recaptured the title from French luxury tycoon Arnault.
Musk and Arnault had launch in Paris in June last year with a combined net worth of about $426 billion at the time. They met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVMH.
Tesla shares plunged to 11 per cent last Friday, wiped $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals.
The world’s most valuable automaker said its sales growth this year “may be notably lower” than last as it continued developing the “next-generation” vehicle, likely a lower-priced model in an earnings presentation.
It reported a sizable 38 per cent increase in deliveries last year compared with 2022.
Tesla had targeted a 50 per cent annual growth rate averaged over several years.
