Arnault's wealth soars to $210 billion, leaving Musk in the dust

Bernard Arnault, the world's richest person, is solidifying his lead over second-ranked Elon Musk. The luxury tycoon is selling more expensive goods, while the Tesla Inc. founder cuts prices on electric vehicles.

The Frenchman behind LVMH saw his fortune soar by $12 billion on Thursday to almost $210 billion, a record high and his second-biggest single-day rise ever, according to the Bloomberg Billionaires Index. Musk is worth $180 billion after gaining $3.8 billion.

The surge in 74-year-old Arnault's net worth came after investors cheered quarterly sales published by the producer of Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns. LVMH shares rose 5.7% to a record in Paris trading, propelling it into the world's top 10 companies with a market capitalization of 444 billion euros ($491 billion).

The relatively discreet Arnault — whose family owns 48% of LVMH's share capital — joined Musk and Amazon.com Inc.'s Jeff Bezos earlier this month as the only individuals whose wealth has exceeded $200 billion. He's the first person outside the US to accomplish the feat.

Bernard Arnault's Biggest Days Thursday's gain was French billionaire's second-largest LVMH's performance was driven by Chinese shoppers splashing out on pricey goods after emerging from pandemic lockdowns. The company registered growth in all regions even with a "bit of a slowdown" in the US.

While Arnault gets richer by selling designer clothes and jewelry, Musk's wealth has dropped since peaking at $340 billion. Tesla, the electric-car maker he co-founded, is cutting prices across its US lineup in a bid to boost demand.

Twitter, the other company he runs along with SpaceX, could become cash-flow positive as soon as this quarter, Musk said this week in a rambling interview. The social media platform was saddled with billions of dollars of debt following his acquisition.