PARIS (dpa-AFX) - Billionaire Bernard Arnault, the founder and CEO of global luxury goods company LVMH (LVMHF.PK), has overtaken Tesla (TSLA) CEO Elon Musk to become the world's richest person, according to Forbes magazine.
The magazine stated that Arnault and his family's net worth surged to $207.8 billion, following a substantial increase of $23.6 billion on Friday whereas Musk's fortune stood at $204.5 billion.
The market valuation of LVMH, the parent company of Louis Vuitton, reached $388.8 billion on Friday compared to Tesla's market capitalization of $586.14 billion.
Recently, LVMH posted a growth of 10 percent in its fourth quarter sales, fueled by strong demands for its high-end fashion products. On the other side, Tesla's share tumbled after it forecasted slower growth, wiping $80 billion in market value on Thursday.
Arnault had initially overtaken Musk in wealth in December 2022.
According to the Forbes real-time billionaires list, Musk was followed by Amazon's (AMZN) Jeff Bezos, Oracle's (ORCL) Larry Ellison, Meta's (META) Mark Zuckerberg, and Berkshire Hathaway's (BRK-A) Warren Buffett.
However, Musk retains the richest person title in Bloomberg's Billionaires Index, with a net worth of $199 billion, while Arnault stands at third position with a $183 billion net worth. Jeff Bezos is in second position with a fortune worth $184 billion.
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