Elon Musk is no longer the richest person in the world, in the end, Twitter drowned them out. But who is the new richest person?
Who Is Elon Musk?
Elon Musk has become a global figure and a symbol of invention, innovation, technology, entrepreneurial creativity, and leadership. The younger generation wants to be like him. He motivates people by showing them what can be achieved and how to manage a high-performing team to build a global corporation.
Musk is the creator of numerous futuristic companies that have become brands in their own right, including Tesla, Neural ink, SpaceX, and The Boring Company, but he is best known for the electric vehicle manufacturing company Tesla. Musk has amassed a net worth of $57.9 billion through hard work, perseverance, and of course, his smart work. But what new entrepreneurs or young leaders can learn about leadership from this renowned and ambitious billionaire?
Elon Musk is no longer the world's richest man after shares in his Tesla electric car company plummeted and he was replaced by Bernard Arnault. According to Forbes and Bloomberg, the man who defeated Elon Musk is Bernard Arnault, CEO of luxury goods group LVMH Louis Vuitton Moët Hennessy.
Elon Musk, for his part, is the largest shareholder and CEO of the Tesla Company, and some time ago he bought the social network Twitter for 44,000 million dollars. According to Forbes, Musk's wealth is $178 billion, while Bernard Arnault's wealth is $188 billion.
According to Dan Ives of investment firm Wed bush Securities, the deal made by Twitter has also weighed on Tesla shares. "Musk is turning from a Tesla superhero to a villain with every tweet he makes on the street," he told the BBC.
The 'Twitter circus show' has hurt Musk's brand and is sending Tesla shares tumbling. Musk is Tesla and Tesla is Musk. Musk secured the purchase of Twitter by selling billions of Tesla shares. However, you may also be wondering who Bernard Arnault is, who has finally surpassed Musk to become the richest person in the world.
Who is Bernard Arnault?
Bernard Arnault is the Chairman and CEO of the LVMH luxury goods group. He was born in 1949 into an industrial family in Roubaix, France, and during his professional career, he worked in the management of several companies and also participated in the restructuring of some companies.
In 1989, he became the majority shareholder of LVMH and thus began his work to build the company into one of the world's leading manufacturers of luxury goods.
Arnault, 73, has served as the company's president and chief executive officer ever since. Arnault is married and has five children. He has also been awarded several honors in France.
LVMH is a business empire in the world of fashion and cosmetics and owns companies like Sephora and Louis Vuitton. In January 2021, LVMH bought the American jewelry company Tiffany & Co. for $15.8 billion. It is believed to be the largest purchase of any luxury brand.
Arnault's father was in the construction industry but was unable to make much of a profit during that time. Arnault's business career began when he purchased Christian Dew with $15 million from the business.
Four of Arnold's five children now hold positions in LVH subsidiaries. He said in an interview that he visits 25 stores every Saturday, which is not only for his own company but also for rival companies.
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