Fashion on top: Bernard Arnault overtakes Elon Musk as world’s richest

The man who created luxury conglomerates such as Sephora and Louis Vuitton, Bernard Arnault, has unsettled Elon Musk to become the richest person in the world.Based on the current Forbes billionaires list, Arnault's rise to the top featured a huge increase in net worth, reaching a stunning $207.8 billion.He surpassed Musk's $204.5 billion fortune with this spike, which came to $23.6 billion in a single day. Tesla's 13% decline on the stock market caused Musk to stumble, but Arnault's LVMH shares were jumping over 13% due to strong sales. With a market valuation of $388.8 billion, LVMH is in fierce competition with Tesla, which has a $586.14 billion market valuation.Arnault's reign at the top is fueled not just by fashion flair but also by savvy business moves, like the acquisition of Tiffany & Co. for nearly $16 billion in 2021—the talk of the town in luxury brand circles.