The market value 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 nearly $70 billion.
LVMH, the French luxury conglomerate behind brands such as Tiffany, Christian Dior and Moët Hennessy, had a market capitalization of $484 billion Tuesday at 11 a.m. ET.
That narrowly falls short of Tesla’s $510 billion market cap after shares of the American electric vehicle titan slipped, bringing its April stock slide to 22% amid investor concerns about dwindling profit margins.
It’d 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.
Arnault is worth $240.4 billion, according to our latest estimates, $67.1 billion more than Musk’s $173.3 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.
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.
The World’s Richest Person 2023 (Forbes)
Behind The Billions: Bernard Arnault (Forbes)
Behind The Billions: Elon Musk (Forbes)