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.
A judge has voided Elon Musk's $55 billion Tesla pay package, potentially impacting his status as the world's richest person. The ruling threatens a significant dent in Musk's estimated net worth of $205 billion, with the pay package representing a substantial portion of his wealth. Tesla can appeal the decision, and Musk's next steps could involve negotiating a new payment plan or pursuing an appeal to establish the fairness of the compensation proposal.
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.
