Bernard Arnault

It was a comeback year for the world's wealthiest. The combined net worth of the 500 richest people surged by $1.5 trillion in 2023, fully rebounding from the $1.4 trillion lost the year prior, according to the Bloomberg Billionaires Index. Once again, their fortunes were closely correlated to the performance of tech stocks, which rose to fresh records this year despite recession fears, lingering inflation, lofty interest rates, and geopolitical turmoil. Tech billionaires saw their wealth grow by 48% or $658 billion,…

Tag Heuer is riding a wave of marketing successes and new launches to grow its market share in the luxury watch world, according to its CEO.The company, which is owned by LVMH, opened a flagship boutique on Manhattan's Fifth Avenue on Wednesday as part of a rapid expansion in the U.S. It plans to more than double its boutiques in the U.S. to 50 by 2026, according to Tag Heuer CEO Frédéric Arnault.Along with increasing sales, the boutiques give the brand more direct relationships with its customers rather than relying on…

Tesla is close to achieving fully autonomous vehicles, CEO Elon Musk said during a visit to Paris on Friday, adding autonomy was the "main driver" of the brand's market value.The company's shares rose by as much as 3% to their highest level in more than eight months. The world's most valuable automaker, Tesla has a market capitalisation of around $800 billion, but for years has missed Musk's targets to achieve full self-driving capability. "Although I've said this before, I think we will solve autonomy soon," the…

Elon Musk, speaking at a conference in Paris, said that he bought Twitter Inc. because the social network was having a “corrosive effect” on civil society that he hoped to improve.“My hope was to change that and have it be positive for civilization,” he said as part of a wide-ranging discussion at the VivaTech conference on Friday in front of a crowd of about 4,000 people. Musk said he believed that most regular users of Twitter would say that their experience on the site has improved. Musk also expressed optimism about…

Elon Musk has retaken the title of world’s wealthiest person. The Tesla Inc. chief executive officer surpassed luxury tycoon Bernard Arnault on Wednesday after shares of Arnault’s LVMH fell 2.6% in Paris trading. Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people. Arnault first surpassed Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, which…

Elon Musk is the wealthiest person in the world again.Michel Euler | AFP | Getty ImagesElon Musk is the richest person in the world again, according to Bloomberg Billionaires Index's updated figures Thursday.The Tesla CEO saw his wealth jump 40.3% this year to $192 billion, after shares of the electric car maker rose about 24% in May, according to Eikon data. Musk owns about 13% of Tesla, according to FactSet data. Musk was knocked out of first place by LVMH CEO Bernard Arnault in December, after shares of Tesla fell…

GENEVA—Among the many luxury labels that form LVMH Moët Hennessy Louis Vuitton lies an upper-echelon of brands that generate more than $1 billion in annual revenue, driving the conglomerate’s business.Frédéric Arnault—chief executive officer of TAG Heuer and the third son of LVMH’s top boss, Bernard Arnault—said the Swiss watchmaker is about to join those ranks. What's NewsSee MoreWhat's News GENEVA—Among the many luxury labels that form LVMH Moët Hennessy Louis Vuittonlies an upper-echelon of brands that generate…

As a young tycoon living in New York in the 1980s, Bernard Arnault quickly realized some of the most valuable real estate was located on the corner of Fifth Avenue and 57th Street. When he bought the building that houses the Louis Vuitton flagship store on the northeast corner, he got a close-up view of Tiffany & Co. across the street to the south. “We said, maybe at one point we’ll have more than one corner,” Mr. Arnault said in a rare interview from the glass-enclosed top floor of Tiffany’s newly…

San Francisco, Elon Musk saw his wealth plummet by more than $12 billion in just a day as he faced chaos and disappointing news from across his companies -- SpaceX, Twitter and Tesla.According to Bloomberg's Billionaires Index, this was the biggest drop in Musk's wealth so far this year.Tesla's share price fell by 9.8 per cent after disappointing first quarter results.Tesla's operating income decreased 24 per cent to $2.7 billion in Q1 2023 as the Elon Musk-run EV maker continues to cut prices of its vehicles.On the same…

PARIS—Once a month, Bernard Arnault gathers his children for lunch inside a private dining room at the headquarters of LVMH Moët Hennessy Louis Vuitton SE, his globe-spanning luxury goods company. The meal, which lasts exactly 90 minutes, begins with the French billionaire reading aloud discussion topics he has prepared on his iPad, according to people close to him. Mr. Arnault then goes around the table, asking each of his five adult children for advice. He’ll seek an opinion on specific managers at…