Billionaire Bernard Arnault, head of LVMH, testified in a Paris court, denying any knowledge of an alleged influence-peddling scheme involving Bernard Squarcini, former head of France's domestic intelligence agency. Squarcini is accused of using his position for private gain, including obtaining confidential information for LVMH. Arnault stated he was unaware of any such activities and emphasized that neither he nor LVMH were indicted. The case also involves allegations of spying on journalist-turned-lawmaker Francois Ruffin, who had criticized Arnault in a satirical film.
Bernard Arnault, the world's fifth-richest person, is suing Elon Musk's social media platform X for republishing content from his media outlets without compensation, as required by French law. Arnault's newspapers, along with other French media, are seeking payment for the content, emphasizing the importance of such revenue for media independence and quality. The case is expected to be heard in May.
French media groups, including those owned by billionaire Bernard Arnault, are suing Elon Musk's social media platform X for using their content without payment, citing violations of 'neighbouring rights' under European law. This legal action follows a similar lawsuit by AFP and highlights ongoing tensions between French media and tech companies over content rights. The media groups accuse X of not complying with a Paris tribunal's order to provide commercial data, further escalating the dispute.
Following Donald Trump's victory in the 2024 presidential election, the world's ten richest individuals saw their wealth increase by a record $63.5 billion in a single day. Elon Musk, a prominent Trump supporter, led the gains with a 10.1% increase in his net worth, reaching $290.3 billion. Bernard Arnault, the only non-U.S. billionaire in the top ten, experienced a slight decrease in his fortune.
Bernard Arnault, the luxury goods magnate, retains his position as the world's richest person for the second year in a row, with an estimated fortune of $233 billion, thanks to the success of his conglomerate LVMH. His wealth has surpassed that of Elon Musk by $38 billion, with LVMH reporting record profits and stock performance. Arnault's succession plan involves adding his children to LVMH's board, ensuring family control over the company's future.
French luxury tycoon Bernard Arnault and his family have surpassed Jeff Bezos and Elon Musk to become the world's richest billionaires, with a fortune valued at $230 billion. Arnault's wealth is derived from overseeing the Louis Vuitton Moët Hennessy empire, which includes brands like Sephora and Tiffany & Co. Jeff Bezos, the founder of Amazon, is now the second wealthiest person, while Elon Musk, CEO of Tesla, has dropped to third place due to Tesla's stock decline. Mark Zuckerberg, Bill Gates, and other tech moguls also feature in the top 10 list of billionaires.
Bernard Arnault has reclaimed the title of the world's richest person with a fortune of $197 billion, surpassing Jeff Bezos, who held the position for less than a week. Arnault, CEO of LVMH, has amassed his wealth through luxury conglomerate holdings, including Louis Vuitton and Christian Dior. Elon Musk, who previously held the title, has seen a decline in fortune due to Tesla stock performance. Arnault, at 75 years old, has extended the retirement age at LVMH to 80, giving him more time to plan the succession of his luxury empire.
Elon Musk has lost his title as the world's richest person to Bernard Arnault, the head of LVMH, due to a significant drop in Tesla's stock price, resulting in a $200 billion loss in market value. Musk's personal net worth is now estimated at $205 billion, down from a peak of $320 billion in November 2021. Tesla faced setbacks including a stock price plunge, challenges in Europe's car market, allegations of drug abuse by Musk, and a disappointing Q4 earnings report. Musk's wealth now depends on whether Tesla is valued as an AI company or a car manufacturer, with potential for further decline if it's re-rated as the latter. Bernard Arnault's wealth surged to $208 billion after a 12% share price gain for LVMH, posing a challenge to Musk's position.
Bernard Arnault, Chairman and CEO of LVMH, has surpassed Elon Musk as the world's richest person with a net worth of $207.6 billion, while Elon Musk's net worth dropped to $204.7 billion. The market cap of LVMH reached $388.8 billion, compared to Tesla's $586.14 billion. The top 10 richest people in the world according to Forbes include Bernard Arnault, Elon Musk, Jeff Bezos, Larry Ellison, and Mark Zuckerberg. However, the Bloomberg Billionaires Index claims that Elon Musk is still the richest, with a net worth of $199 billion. Bernard Arnault's fortune has increased by $39 billion in 2023 due to soaring demand for luxury goods.
Bernard Arnault, CEO of LVMH, has surpassed Elon Musk as the world's richest person with a net worth of $207.8 billion, following a $23.6 billion increase in his wealth. This shift comes as Tesla's stock struggled, causing Musk to lose over $18 billion in net worth, while LVMH's shares soared over 13% due to strong sales. Arnault's holding company, Agache, has investments in businesses like Netflix and ByteDance, and he recently appointed his children to the LVMH board to secure long-term family control.
Hermès, the iconic luxury brand known for its Kelly and Birkin bags, successfully defended itself against a takeover attempt by Bernard Arnault's LVMH. The Hermès family, determined to preserve their empire, resisted Arnault's advances and prevented their brand from becoming part of LVMH's extensive portfolio of luxury labels. With a family fortune estimated at $151 billion, Hermès remains Europe's largest family fortune.
The Paris public prosecutor's office is investigating Bernard Arnault, CEO of LVMH, over financial transactions involving Russian oligarch Nikolai Sarkisov. The investigation follows a report by France's Tracfin financial intelligence unit, which revealed that Sarkisov had purchased real estate with a loan from Arnault. The preliminary investigation, initiated in 2022, focuses on potential money laundering activities. While a preliminary investigation does not imply wrongdoing, Arnault recently lost a high court case against French tax investigators related to a tax fraud probe. LVMH and Sarkisov's insurance company deny involvement in the transaction, stating that it was a routine real estate deal conducted within the scope of French law.
French billionaire Bernard Arnault, CEO of LVMH luxury group, and Russian oligarch Nikolai Sarkisov are being investigated for alleged money laundering at the luxury Alpine resort of Courchevel. The investigation is being led by the French economy ministry's financial intelligence unit, but it has not yet determined if any crime has been committed. The probe focuses on complex real estate deals involving multiple companies and the suspected lending of 18.3 million euros by Arnault to Sarkisov. The investigation aims to uncover the exact origin of the funds and the ultimate beneficiary.
Tesla CEO Elon Musk and LVMH CEO Bernard Arnault had lunch together in Paris, along with their family members. Both men are worth over $220 billion and have repeatedly traded the title of the world's richest person. Musk has been on a tour of Europe, meeting various leaders and speaking at the VivaTech conference. He reiterated his warnings on the dangers of artificial intelligence and joked about paying too much for Twitter. Arnault has built LVMH into the world's biggest luxury group. The two billionaires previously met in Los Angeles last year.
The world's two richest individuals, Bernard Arnault and Elon Musk, had lunch together in Paris ahead of Musk's appearance at the VivaTech conference. The duo caught up at one of Europe's most expensive hotels, but there has been no clear word on what they discussed during their midday meal. According to a Louis Vuitton spokesperson, they probably discussed the economy and investment in France. The two men have a combined fortune of approximately $426 billion.
