Elon Musk, a billionaire entrepreneur, lost the top spot on Forbes’ Real-Time Billionaires List for a short time. Instead, Bernard Arnault and his family, who own the LVMH Mot Hennessy Louis Vuitton group of luxury brands, moved up to the top spot. The list on which Musk was overtaken for a while was the Real-Time list, which is available round-the-year. It has a ranking system that “tracks the daily ups and downs of the world’s richest people.”
Musk’s net worth went down a little bit because the shares of his car company, Tesla, went down. “Tesla shares, which have lost more than 47% of their value since Musk made his offer to buy Twitter earlier this year, were down 2.7%,” said Reuters, adding that Tesla investors are being cautious because of Musk’s increased focus on Twitter.
Who Is Bernard Arnault?
Arnault is a French businessman who is currently the Chairman and CEO of one of the most valuable luxury product groups in the world, LVMH Mot Hennessy Louis Vuitton. The group owns about 70 businesses, including winemaker Dom Perignon, clothing brands Louis Vuitton, Fendi, Marc Jacobs, and Fenty Beauty by Rihanna (make-up).
Arnault was born in Roubaix, France, to a family of business people. He first worked as an engineer, and in 1978, he was named Chairman. Then, in 1984, he changed how the Financière Agache holding company was set up. “He got the group making money again and started a plan to make it the world’s leading luxury products company.
“In doing so, he gave Christian Dior a new start and made it the center of the new organization,” says the LVMH website. In 1989, he bought most of the stock in LVMH Mot Hennessy–Louis Vuitton. Since then, he has been the company’s Chairman and CEO. His four children are also involved in the group’s different businesses.
What Is the Forbes list? Did He Overtake Elon Musk As The ‘Richest Person In The World’?
Every year, Forbes Magazine puts out a list of the wealthiest people in the world. This year, the list came out in April, and Indian industrialists like Lakshmi Mittal, Kumar Birla, and Shiv Nadar were on it. But on the Real-Time list, which is available all year, Arnault was ahead of Musk for a while. It has a ranking system that “keeps track of the ups and downs of the richest people in the world every day.”
When a stock market is open, the value of a person’s public holdings is updated every five minutes. People whose wealth comes primarily from private companies will have their net worths updated once a day. Because of this, the order of the list may change from day to day. A few months ago, Adani was in second place, which meant that Arnault had to move down the list.