Billionaire Watch
This billionaire made $39 billion in 2019, thanks to his luxury brands
After LVMH’s stock cumulatively added $82 billion in value, the company’s Chairman and CE, Bernard Arnault, easily earned $39 billion.
After the stock of multinational luxury goods conglomerate, LVMH, cumulatively added $82 billion in value, the company’s Chairman and Chief Executive, Bernard Arnault, easily earned $39 billion. The French billionaire has long been adjudged the richest man in Europe and one of the richest people in the world.
How this happened: Arnault owns almost half of LVMH, making him the majority shareholder. Now, LVMH owns a whole lot of some of the world’s most popular luxury brands. We are talking about the likes of Louise Vuitton, Dom Perignon, Christian Dior, Bvlgari, Fendi, Givenchy, Moet & Chandon, Hennesy, etc.
In total, the company’s subsidiaries comprise more than sixty global brands which range from luxury wines to high-end fashion clothing, jewellery, perfumes and cosmetics.
Recall that Nairametrics reported back in November that LVMH has acquired popular American jewellery company, Tiffany & Co for the sum of $16.2 billion. The American jeweller is famed for its high-quality and costly engagement ring rings and white diamond necklaces which are beloved by celebrities and socialites.
Therefore, with all these popular brands and bearing in mind the size of Arnault’s shareholding in the company, it does not come as a surprise how he earned that much billions in the course of 2019.
The 70-year old French billionaire was born in Roubaix, France in 1949. He has a total net worth of about $107.7 billion. In November, he granted an exclusive interview to Forbes Magazine during which he discussed his early days as a businessman and the secret behind the success of his company and its subsidiaries.
“Why are brands like Louis Vuitton and Dior so successful? They have these two aspects, which may be contradictory: They are timeless, [and] they are at the utmost level of modernity…It’s like fire and water.”
Billionaire Watch
Elon Musk takes back world’s richest man title after gaining $10 billion in a day
Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.
49-year-old self-made billionaire, Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.
Tesla chief’s wealth surged back to $190 billion, as the electric car company’s shares recorded impressive gains of 6.18%, thereby putting the market value of Tesla at $712 billion coupled with the SpaceX he founded completing another funding round, pushing him atop the Bloomberg Billionaires Index for the third time in 2021.
Such record gains pushed Musk past Amazon founder, Jeff Bezos, who is now worth $185 billion and had a few days ago reclaimed the title as the world’s richest person after Tesla shares plunged to record levels.
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Tesla Inc stocks were on a record buying spree at Wednesday’s trading session, indicating that global investors are buying the dip following a four-day plunge that erased the world’s most valuable car company year-to-date gains.
That being said, MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.
READ: World richest man, Jeff Bezos holds 5% of his wealth in cash
Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
- Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
- Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
- A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.
READ: Tesla loses $200 billion in market value following Bitcoin investment
Elon Musk’s current net worth of $190 billion can currently buy 106 million troy ounces of gold or 2.82 billion barrels of crude oil.
Billionaire Watch
Elon Musk’s SpaceX is exploring the merits of buying Bitcoin
SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.
