It’s the billionaires’ battle as the world’s two richest men come and go to take first place.
The founder of AmazonJeff Bezos was temporarily dethroned as the richest man in the world on Monday as head of the luxury house LVMH Bernard Arnault got it over with. Arnault’s net worth rose to $ 186.3 billion on Monday, which was reportedly slightly higher than Bezos’ net worth of $ 186.3 billion.
But according to the real-time billionaire tracker from ForbesBy Tuesday lunchtime, Bezos had taken the top spot with a net worth of $ 189.2 billion, while Arnault even leveled off at $ 188 billion.
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The two men are followed by Tesla founder and CEO Elon Musk, who had an estimated net worth of $ 151.6 billion over the same period.
LVMH, which stands for Louis Vuitton Moet Hennesy, is a high performing luxury goods company that includes big brands like Christian Dior, Givenchy, Celine, Bulgari and of course Louis Vuitton.
It is currently the most valuable company in Europe with an estimated valuation of more than $ 330,000 million on Tuesday.
Arnault reportedly spent more than $ 530 million buying LVMH stock, leaving his family to own only half of the entire company by the end of 2020.
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LVMH was up 0.35% late Tuesday afternoon and Amazon was also up 0.43%.
Both Amazon and LVMH are back on their feet after the first quarter following a pandemic that struck much of the retail and business worlds.
Amazon beat earnings estimates after posting revenue of $ 108.52 billion in the first quarter, beating its original estimate of $ 104.47 billion.
According to a company report, LVMH reported sales of approximately $ 17.2 billion in 2021, up 32% over the same period last year.
“LVMH is well positioned to take advantage of the expected recovery in 2021 and regain growth momentum for all business areas,” said a statement from LVMH. “The group will continue its strategy of focusing on developing its brands, driven by strong innovation and investment, and a constant search for quality in its products and their distribution.”