Jeff Bezos has been beaten by Bernard Arnault in the race of being the Richest person on the earth. Bernard Arnault is the CEO and the majority owner of the French luxury group LVMH. According to Forbes, Bernard Arnault has become the world’s richest person with a net worth of $186.2 billion and surpassed Jeff Bezos who has a net worth of $186 billion. Arnault also overtook Elon Musk who was previously in the second position with a net worth of $147 billion.
We all know that Jeff Bezos has earned his wealth and emerged as the king of the Internet retailer. but Arnault has made his fortune through a collection of companies specializing in finely made leatherwear, fashionable costumes, leather carry bags and high-end spirits.
The sales of the LVMH increased rapidly after the lockdowns, the demand for the LVMH goods was mostly seen in the China and USA, after this its stock prices also surged. A report by Forbes says that Arnault spends $538 million dollars to acquire a share of his own brand during this month. Recently, in January Arnault’s LVMH also acquired America’s largest jewelry maker Tiffany & Co. for $15.8 million.
LVMH also recorded revenue of €44.7 billion with a downfall in sales growth of 17% in 2020. Meanwhile, Amazon never lost the battle in the shares, has its shares kept increasing during the pandemic. It might happen that the stocks of Amazon may surge in the future which will eventually help Jeff Bezos to reclaim his thrown.
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