Now worth $171 billion, Arnault's wealth eclipsed the Tesla CEO's $164 billion fortune on Tuesday.
Bernard Arnault, the chairman of French luxury goods giant LVMH, has just become the first European to top Bloomberg's list of the world's richest people, relegating Elon Musk to second place.
The divergence is partly down to the stock performance of the companies in which the pair own shares. Musk's purchase of Twitter hasn't helped either. Still, he is in no imminent danger of falling further down the list: His fortune remains comfortably bigger than that of Indian industrialist Gautam Adani and Amazon founder Jeff Bezos , who rank third and fourth on Bloomberg's list.
Six years later, he got wind that the French government was looking for a new investor to take over Boussac Saint-Freres. The bankrupt textile group owned a key asset: Christian Dior, a celebrated French fashion house. Although his own name may not be immediately recognizable to many, the brands that Arnault has been instrumental in growing — from Christian Dior to Dom Pérignon — have become household names.
Technology Elon Musk takes the stage, amid boos, at Chappelle's show Arnault's philanthropic endeavors are pursued mainly through LVMH, which focuses its patronage on arts and culture. In 2019, the group donated €200 million to help rebuild Notre Dame after a massive fire ripped through the Paris cathedral.
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