Bernard Arnault, the billionaire chairman and CEO of global luxury goods business LVMH, has eclipsed Meta founder Mark Zuckerberg to become the world’s third-richest person, as LVMH shares continue to rise.
As of 11:20 a.m. EDT, Arnault’s net worth was $188.6 billion, up $4.54 billion (2.3%), according to Forbes’ Real-Time Billionaires List.
Zuckerberg’s net worth is projected to be around $184.7 billion, after a $100 million dip.
Shares in LVMH, a corporation that owns brands such as Louis Vuitton and Tiffany & Co., rose 2.6% to more than $675, increasing Arnault’s net worth, while Meta’s fell slightly (0.1%).
Arnault trails Amazon founder Jeff Bezos for the title of the world’s second-richest person, with an estimated net worth of $195.7 billion, while Elon Musk remains the world’s richest person, with an estimated net worth of $247.4 billion.
52%. That’s how much Meta’s shares have risen this year, following a recent leap when the business reported a 73% increase in second-quarter profits. LVMH’s shares are down 5.7%, but rising by up to 22% until March 22, including an 8% increase in the last five days of trade.
Musk and Arnault have switched positions as the world’s third and fourth richest people several times in recent weeks. Zuckerberg passed Arnault on August 6, two days before Arnault exceeded him, while the Meta creator had held the third-richest slot for just over a week prior to Monday. The top of Forbes’ billionaire tracker has also shifted numerous times, with Arnault holding the title of the world’s richest person earlier this year before Musk (who took over second position from Bezos in May) surpassed him. Bezos and Arnault have also traded places as the world’s second-wealthiest, with a similar back-and-forth in June.