Bernard Arnault: His fortune increased by $12 billion in one day

Bernard Arnault, who takes the reins of the richest man in the world, has consolidated his lead over Elon Musk, who ranks second.

The LVMH owner’s wealth rose on Thursday by $12 billion, which is equivalent to $210 billion. This is a record and the second largest increase in the value of his wealth in one day, according to the Bloomberg Billionaires Index, far from Musk, who has a fortune of $ 180 billion.

Wielding the wand of the world’s richest man, Bernard Arnault consolidates his lead over second seed Elon Musk.

The stock rose 5.7%.

The rise in the 74-year-old entrepreneur’s net worth was a result of a rally in LVHM shares after the group with Louis Vuitton, Moet & Chandon Champagne and Christian Dior announced quarterly results. The stock rose 5.7 percent to a record high in Paris trading, moving to the ten largest companies in the world, with a market capitalization of 444 billion euros.

Arnault, whose family owns 48% of LVMH, joined three entrepreneurs worth more than $200 billion in April — the other two being Musk and Bezos. He is, in fact, the first non-American to possess such wealth.

Paid by China

LVMH’s results got a boost from Chinese consumers flocking to luxury goods after emerging from lockdown. The company has seen sales grow worldwide, albeit with a slight slowdown in the United States.

Grabbing problem

While Arno is getting rich selling designer clothes, shoes, bags, and jewelry, Musk’s fortune has fallen from a peak of $340 billion.

Tesla is cutting prices across its entire production line in the United States in an effort to boost demand.

At the same time, Twitter was saddled with billions in debt after Musk acquired it, and only this quarter might see a positive sign in its results, he said recently.

source: OT.gr