Elon Musk unseated as richest man in the world!
One of the things I miss about TikTok is access to new information as events unravel. TikTok is that place you can always be assured there’s news of the most current events.
Today when I was bored and scrolling TikTok mindlessly, I came across this creator talking about how the Hierarchy of the richest people in the world has changed and how Elon has been unseated. I couldn’t believe it until I hit google myself, because..well, who is this guy and if he’s so freaking rich, how have I never heard of him?
Bernard Arnault. Very new name. Bill Gates, Warren Buffet, Jeff Bezos and a few other names stand out and sound familiar, but where did this new guy suddenly pop out from?
Well…it turns out, Mr new guy isn’t so new after all, I just never payed attention.
Bernard Jean Étienne Arnault is a French business magnate, investor, and art collector. He is the founder, chairman, and chief executive officer of LVMH Moët Hennessy Louis Vuitton, the world's largest luxury goods company. Arnault has an estimated net worth of US$208.1 billion as of March 2023, according to Forbes (https://en.m.wikipedia.org/wiki/Forbes), making him the wealthiest person in the world.
source
If you take a look at the companies he owns and the kinds of products they sell, I think it’ll give you some insight into how he has the money he has.
His owns numerous companies including Luis Vitton, Christian Dior, Celine Sephora, DKNY, Bulgari, Givenchy, and on the list goes. The common thing among his companies are that they’re luxury companies that sell to both the common people, but most especially to other very rich people.
His type of products are products whose value is partly reflected by the cost people know you paid for it. The cost of the product itself elevates the owners, and so the very rich class have absolutely no problem paying for products like this.
And how he was able to unseat ELON and the other top dogs if you’re still wondering is that Elon for instance is more vested in volatile investments. Remember what I said in this post and many other posts of mine where I talked about volatility? Volatility is a double edged sword! Musks net-worth goes up and down with the market, and the market is not so up right now. Bernard Arnault’s business models are recession proof to an extent.
Volatility is such a darling and a bitch at the same time. Elon who used to be the richest got unseated to now the second richest I think somewhere around December with an unrealized loss.
Cover image was designed by me in canva
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In some way, I was kind of not happy about this news.
I hope this does not affect the meme posting capabilities of Mr Musk. I also hope that all the $8 guys on twitter pay their dues in time and hopefully this may just be a short ride for this new guy.
I’m very positive that in no time, landlord (Elon Musk) will reclaim his property as the rightful owner of the richest man on earth and mars title👍🏿
Watching his recent Twitter activity, he doesn’t seem affected by the drop in rank at all. At least according to his tweeting.
The $8 guys will surely pay up to keep their precious blue uniforms and maybe that’ll really help recuperate our landlord’s condition.
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Actually I also miss TikTok and Haven't bothered signing up. This isn't by any reason just that my attention hasn't gone there that they provide such important news. Once you have shared this popular news of the Elon Musk; the richest man, I'll pop in and get signed up.
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You’re going to have to work on regulating your use though. TikTok cam get addictive. Not in a good way.
I'm a bit familiar with Bernard. He's a savvy business. Volatility is indeed a double-edged sword, most tech billionaires will constantly swing up and down through the wealth ladder depending on the economic conditions. I guess business is booming in the luxury space :)
Haha not for long though. Economic hardship is just getting tougher and people will not be able to afford his luxurious items soon enough. Looks like his own unseat is coming sooner rather than later.
Sorry about the late reply, man:)
Lol, that's a valid point. It will be hard for luxury goods to be bought in the current economic condition. Perhaps, he could shift into the digital luxury goods space ;)
Not a problem at all :)
For now he’s there. I think he will get unseated in short order, likely shorter than Elon did. Ya people are buying those things right now but when economic times get tougher, those useless things go right out the window as far as purchases go.
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