Bernard Arnault’s Fortune Surges Nearly $3 Billion
Just one day after Bernard Arnault’s French luxury group LVMH struck a deal to buy American jeweler Tiffany & Co., the billionaire’s fortune is up 2.8%, or $2.85 billion.
After a brief period as the world’s second-richest person earlier Tuesday, Arnault ended the day at number three, worth $107.4 billion, according to Forbes’ Real-Time Billionaire Rankings. This is the second time this month that Arnault has taken the second-place spot from Gates. The two still lag behind Jeff Bezos, whose current net worth of $111.7 billion makes him the richest person on Earth.
Acquisition of Tiffany is his group’s largest yet and as a result, Tiffany will join LVMH’s more than 70 luxury brands, which include Fendi, Bulgari, Dom Pérignon and Givenchy.
To note, Louis Vuitton has made a deal to buy Tiffany & Co. for $16.2 billion and paid $135 per share.