Topline
The market capitalization of LVMH, the company chaired by the world’s richest person Bernard Arnault, just surpassed that of Tesla, the firm led by the world’s second-richest person Elon Musk, for the first time in several months, as Arnault’s lead on Musk as the richest man extends to over $70 billion.
Bernard Arnault, left, has made significant wealth gains on Elon Musk, right, in recent months
Key Facts
LVMH, the French luxury conglomerate behind brands such as Tiffany, Christian Dior and Moët Hennessy, had a market capitalization of $498 billion Thursday at 10 a.m. ET following a 2% rally.
That tops Tesla’s $486 billion market cap, as the American electric vehicle maker’s stock slide grew to 26% amid investor concerns about dwindling profit margins.
It’s the first time since mid-January that LVMH’s market cap topped Tesla’s, according to YCharts data, and the first time since June 2020, excluding the three-week blip for Tesla at the turn of 2023.
Forbes Valuations
Arnault is worth $241.1 billion, according to our latest estimates, $73.7 billion more than Musk’s $167.4 billion wealth pile. Roughly 97% of Arnault’s fortune comes from his 48% stake in LVMH, while Musk’s 23% stake in Tesla accounts for about 58% of his net worth.
Surprising Fact
The gap between Arnault and Musk is greater than the net worth of the planet’s 16th-richest person, Walmart heir Jim Walton.
Key Background
LVMH hit another key milestone earlier this week, becoming the first European company to ever exceed a $500 billion valuation. Tesla and LVMH are the 10th and 11th most valuable companies in the world, according to Companies Market Cap. Arnault overtook Musk as the richest person on earth in December. Musk’s net worth has cratered by 15% thus far in April.
Further Reading
The World’s Richest Person 2023 (Forbes)
Behind The Billions: Bernard Arnault (Forbes)
Behind The Billions: Elon Musk (Forbes)