Tuesday, May 25, 2021

LVMH CEO Bernard Arnault Becomes The Richest Man In World

Bezos may be back on top after Tuesday's stock action.

From RTTr, May 24:

Bernard Arnault, Chairman, and CEO of French luxury fashion retail chain Luis Vuitton Moet Hennessy or LVMH, has become the richest man in the world with an estimated net worth of $186.3 billion on Monday.

Arnault witnessed a massive $110 billion increase in his net worth in the last 14 months putting him $300 million above Amazon (AMZN) head Jeff Bezos and $39 billion ahead of SpaceX and Tesla (TSLA) owner Elon Musk. The growth was driven by a strong performance by his luxury group LVMH even during the pandemic period.

LVMH, which owns designer brands such as Fendi, Cristian Dior, and Givenchy, saw a 0.04% rise in stock after the market opened on Monday, helping Arnault's value to rise by $600 million. Much like the other luxury fashion chains like Chanel, Kering Group, and L'Oreal who have doubled their fortunes in the same period of time, LVMH has also increased its market cap to $320 billion....


Did Arnault ever deliver on his 200 million euro pledge toward the restoration of Notre-Dame-de-Paris or is that still on the debit side of the ledger?