Elon Musk, the CEO of Tesla and SpaceX, has lost his title as the world's richest person just two days after reclaiming it. According to the Bloomberg Billionaires Index, Musk's net worth was estimated to be $187.1 billion on March 3, but it fell by $1.9 billion on March 4 after Tesla shares dropped by over 7%, following Musk's unimpressive presentation on affordable electric cars that left investors disappointed. Musk's net worth is now approximately $184 billion, while French businessman Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton, has overtaken him with a fortune of $186 billion.
So who is Bernard Arnault
Bernard Arnault is a prominent French businessman and the Chairman and CEO of LVMH, one of the world's most valuable luxury product groups that owns over 70 companies, including Louis Vuitton, Fendi, and Dom Perignon. Arnault, who was born to an industrial family in Roubaix, France, started his professional career as an engineer and became the Chairman of Financière Agache holding company in 1978. Later, in 1989, he became the majority shareholder of LVMH Moët Hennessy – Louis Vuitton and has been the CEO of the company ever since.
ALSO READ: Banks likely to be closed every Saturday; IBA mulling over five-day work week for bank employees
The french billionaire rarely makes public appearances and avoids the limelight. Despite having five children, all of whom work for LVMH, Arnault shows no signs of slowing down or handing over the reins of the luxury conglomerate just yet. He tours all of the group's Paris-based companies every week.
Arnault's age limit as CEO was extended to 80 years, ensuring that LVMH remains in family hands. Arnault is married to a pianist and art lover and has created the Louis Vuitton Foundation, one of the most prestigious exhibition locations for contemporary art in Paris.
ALSO READ: Philanthropic contributions by India's super rich fall by a third in FY22: Report
Arnault's strategy of developing the world's leading luxury products company helped him return the group to profitability, according to the LVMH website. Under his leadership, Christian Dior was reinvigorated as the cornerstone of the new organization. His four children are also involved in the different companies that come under the group.
