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Who has passed Elon Musk as the richest man in the world?

2024-01-29 12:19:13Lifestyle SHKRUAR NGA REDAKSIA VOX

Who has passed Elon Musk as the richest man in the world?

The change in the leaderboard is a symptom of different business empires and rapid movements in market performance. Bernard Arnault, the head of LVMH (Louis Vuitton Moët Hennessy), has taken the title of the richest man in the world, passing Elon Musk of Tesla. Arnault's net worth now stands at $207.6 billion (€191.5 billion), surpassing Musk's $204.7 billion (€188.74 billion), according to the latest Forbes "Real-Time Billionaires List."

Arnault experienced a remarkable rise in wealth last week, with his net worth increasing by $22.7 billion (€20.9 billion) in just one day on Friday, representing a whopping 12.3% increase. In stark contrast, Elon Musk saw his fortune drop by $18 billion (€16.6 billion) the day before, marking an 8.1% drop in his net worth.

This change in fortunes underscores the divergent paths of their business empires, particularly evident following the release of their latest financial reports. LVMH, the luxury goods powerhouse led by Arnault, reported a record year in 2023. The conglomerate's performance in its prestigious brand portfolio, which includes household names such as Louis Vuitton, Christian Dior, Fendi and Tiffany & Co., witnessed a remarkable increase in revenue, reaching an impressive 86.2 billion euros for the full year.

This represents a significant increase of 13% compared to the figures from 2022, significantly exceeding the €85.74 billion predicted by analysts. The biggest increase in revenue within the LVMH group was seen in its retail sector, which saw a notable increase of 25% from the previous year. This growth is attributed to the exceptional performance of Sephora and the growth of DFS, driven by the recovery of international travel. LVMH's gross profit reached 59.28 billion euros, marking an increase of 9.4%, while net profit climbed to 15.2 billion euros, registering an increase of 8% compared to 2022.

Bernard Arnault, maintaining a cautious but optimistic outlook, said: "While we remain vigilant in the current context, we enter 2024 with confidence, supported by our highly desirable brands." The French billionaire also expressed expectations that 2024 will be an inspiring and extraordinary year, highlighting LVMH's participation in the Paris 2024 Olympic and Paralympic Games.

The positive sentiment around LVMH was reflected in its stock market performance, with shares rising 12.81% to €773.10 after the announcement. This significant increase represented the biggest one-day jump since October 2008, catapulting Arnault to the top of the global wealth rankings. On the other side of this wealth equation is Elon Musk's Tesla. The electric vehicle giant reported a modest 3.5% increase in Q4 2023 revenue to $25.2 billion (€23.2 billion) and annual revenue of $96.8 billion (€89.3 billion), up 15% from 2022.

However, Tesla's gross profit fell significantly by 15.3% to $17.66 billion. Despite Tesla's net income rising to $7.93 billion (€7.3 billion), marking a significant increase of 115%, this outstanding performance was largely due to a one-time tax benefit of $5.75 billion.

Looking ahead, Tesla offered a cautious outlook for 2024, predicting a "challenging" year for the global auto industry and predicting a "material" decline in its profit margins. That prospect prompted some Wall Street analysts to revise their expectations for Tesla, sending the stock lower.

After the earnings release, Tesla shares fell 12%, contributing to Elon Musk's descent into second place among the world's richest individuals. The stark contrast in the financial fortunes of Bernard Arnault and Elon Musk highlights the volatile nature of wealth in the modern business landscape, where rapid changes in net worth can occur within hours, driven by the market performance of their empires relevant.


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