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☆ Elon Musk asks: 'If I'm so smart, why did I pay so much for Twitter?'
▼ + stars: | 2023-06-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Elon Musk said at a conference in Paris: "If I'm so smart then why did I pay so much for Twitter?" Musk also said he was worried Twitter was having a "corrosive" impact on society. That's what Elon Musk did on Friday at a conference in Paris, quipping: "If I'm so smart, why did I pay so much for Twitter then?" "I think if someone is a regular Twitter user, then most people would say their experience has improved," Musk said. In the case of Tesla the value of the company is primarily on the basis of autonomy."

Persons: Elon Musk, Musk, Twitter, Bernard Arnault, Antoine Arnault, Bernard, Antoine, I've Organizations: Twitter, Morning, Bloomberg, Getty, Tesla Locations: Paris, Blanc

☆ Potential Olympics sponsorship deal tests LVMH heir Antoine Arnault
▼ + stars: | 2023-06-14 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

Discussions on the Olympics deal, being negotiated by Antoine, revolve around promotions focused on LVMH as a group, its two biggest fashion labels - the Louis Vuitton and Dior brands - as well as champagne. However, the behind-the-scenes role of the oldest of Arnault’s four sons, Antoine, hasn't been widely known. Although Antoine Arnault's work shepherding LVMH's sponsorship of the Olympic Games is taking place behind closed doors, the outcome would be highly public. Steve Martin, global CEO of M&C Saatchi Sport & Entertainment, said that while LVMH is already associated with France, a formal sponsorship of the Olympics would help to further differentiate LVMH from luxury rivals. “If we get involved it would be to help out,” LVMH fashion group CEO Sidney Toledano told Reuters.

Persons: Antoine Arnault's, Antoine Arnault, Bernard Arnault's, Bernard Arnault’s, Delphine Arnault, Dior, Antoine, Louis Vuitton, Bernard Arnault, hasn't, Tony Estanguet, Cristiano Ronaldo, Lionel Messi, ”, Steve Martin, LVMH, Martin, Sidney Toledano, –, we’re, Toledano, Mimosa Spencer, Sharon Singleton Organizations: Deal, Dior, FIFA, Olympic, Saatchi Sport & Entertainment, Olympic Games, Reuters, Thomson Locations: PARIS, LVMH, Paris, France, Qatar, Atlanta, London

☆ Mark Zuckerberg's net worth has dropped from $118 billion to $96 billion since he rebranded Facebook as Meta
▼ + stars: | 2023-06-10 | by ( Beatrice Nolan | Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Meta stock, which accounts for most of Zuckerberg's wealth, plummeted initially, but has rebounded some. It's been almost two years since Mark Zuckerberg rebranded Facebook as Meta to reflect his company's push into the so-called metaverse. Zuckerberg was worth $118 billion on October 28, 2021 — the day the Meta rebrand was announced — according to the Bloomberg Billionaires Index. His net worth has recovered from a low of about $37 billion in October 2022, around the one-year anniversary of the Meta rebrand. Meanwhile, Zuckerberg's wealth peaked at $142 billion in September 2021, according to the Bloomberg rankings, putting him among the richest people in the world.

Persons: Mark Zuckerberg, It's, Meta —, Zuckerberg, that's, Meta, Elon Musk, Bernard Arnault Organizations: Facebook, Meta, Bloomberg, Apple, Vision Locations: Meta's

☆ How a quest for identity made China the luxury powerhouse that it is today
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Traditions provide identity. As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted. Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025. "Traditions provide identity. Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.

Persons: Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton Organizations: CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting Locations: China, Europe, Today's China, San Diego, Beijing

☆ 10 Things in Tech: A French Gigafactory, Google's WFH crackdown, and Tesla's bioweapon defense mode
▼ + stars: | 2023-06-09 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Speculation is rife ahead of Elon Musk's trip to Paris, where he's due to attend the VivaTech conference next week. The video platform is aiming to challenge the tech giant by quadrupling its ecommerce business, according to a Bloomberg report. Musk has repeatedly criticized OpenAI's relationship with tech giant Microsoft. The tech giant is planning to include attendance figures in performance reviews, according to an internal email sent on Wednesday, which was seen by Insider. Tesla drivers are using the car's bioweapon defense mode to escape wildfire smoke.

Persons: Nathan Rennolds, let's, Clive Mason, Tesla, Elon, Marc Benioff, Dan Schulman, Bernard Arnault, Maurice Lévy, Sam Altman, Elizabeth Frantz, Morgan Stanley, TikTok, Musk, Altman, Tesla's, Ted Lasso, Keeley, Lionel Messi, Getty, Simon Bruty, he's, Messi, Brandon Baum, Instagram, Hallam Bullock Organizations: Google, Getty, Twitter, Reuters, Big Tech, Amazon, Bloomberg, Elon, Microsoft, Economic, Juno, Messi, Inter Miami —, YouTube Locations: London, WFH, France, Paris, Southeast Asia, Miami

☆ Elon Musk is the world's richest person again
▼ + stars: | 2023-06-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Elon Musk is the wealthiest person in the world again. Elon Musk is the richest person in the world again, according to Bloomberg Billionaires Index's updated figures Thursday. Musk owns about 13% of Tesla, according to FactSet data. Musk was knocked out of first place by LVMH CEO Bernard Arnault in December, after shares of Tesla fell after his $44 billion acquisition of Twitter. During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue to offer a friendly business environment to them.

Persons: Elon Musk, Index's, Musk, Bernard Arnault, Tesla, Qin Gang, Qin Organizations: Bloomberg, Twitter, SpaceX Locations: Shanghai, China

☆ Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index. The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging. Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%. Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index. He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Persons: Elon, Bernard Arnault, —, Elon Musk, LVMH, Tesla, –, Jeff Bezos –, he's, Linda Yaccarino, Arnault's LVMH, He's, Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffett, Larry Page, Sergey Brin, Mark Zuckerberg, Read, Hermes Organizations: Bloomberg, Service, Privacy, Amazon, Google Locations: Paris, Bezos

☆ Elon Musk is once again the world’s richest man
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Elon Musk has reclaimed his position as the world’s wealthiest person. This week, Arnault’s wealth slid after a drop in LVMH’s stock Wednesday, according to Bloomberg calculations. Arnault surpassed Musk in December, as his wealth climbed due to a boom in luxury goods sales that helped drive up LVMH’s stock price. Musk, meanwhile, has enjoyed a meteoric rise up the world’s rich lists in recent years as his fortunes are directly linked to those of Tesla, the electric automaker. Outside of Tesla, Musk is also CEO of SpaceX, the space exploration firm, and the owner of social network Twitter (TWTR).

Persons: Hong Kong CNN — Elon, Bernard Arnault’s, Louis Vuitton, Dior, Celine, Musk, Tesla Organizations: Hong Kong CNN, Bloomberg, SpaceX, Twitter Locations: Hong Kong

☆ New study pegs the median age of the world's billionaires at 67
▼ + stars: | 2023-05-31 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

While younger tech billionaires like Elon Musk, 51, and Mark Zuckerberg, 39, may dominate the wealth headlines, the majority of the world's billionaires are over retirement age, according to a new study. The median age of the world's 3,194 billionaires is now 67 years old, data firm Altrata said in a report released Wednesday. The findings highlight the wide gap between the perception and reality of the world's billionaires. According to the report, the median age of the world's billionaires has actually increased slightly over the past five years. The U.S. still has the largest number of billionaires in the world by far, with 955, accounting for nearly one-third of the world's billionaires.

Persons: Elon Musk, Mark Zuckerberg, Altrata, Warren Buffett, Bernard Arnault, Imberg, it's, San Organizations: Hong Kong Locations: North America, Asia, Europe, U.S, China, New York, San Francisco, Moscow, London

☆ The world's richest man's plan to build a luxury hotel on LA's most famous shopping street was torpedoed after residents voted against it
▼ + stars: | 2023-05-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Beverly Hills residents voted against Bernard Arnault's plan to build a luxury hotel on Rodeo Drive. Plans for the Rodeo Drive hotel included 115 rooms with a ninth-story penthouse, private club, spa, shops, and three restaurants. A "Yes on B and C" campaign sign is displayed at the site of the proposed Cheval Blanc Hotel on Rodeo Drive. Rodeo Drive is already home to a number of Arnault's businesses, including a Dior store. Other luxury fashion brands including Prada, Gucci, Yves San Laurent, and Valentino also have stores on Rodeo Drive.

☆ None of the Roy children deserve to succeed Logan but I'm hoping it's Shiv
▼ + stars: | 2023-05-28 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

There are really no good choices for who should succeed Logan Roy in "Succession." She also fakes authenticity — a power move, one expert told Insider. The show revolves around the deeply dysfunctional Roy family and the jockeying to succeed Logan Roy, the recently deceased patriarch played by Brian Cox, as head of the family media empire, Waystar Royco, loosely based on Fox News and News Corp. "Shiv seems to be a person who gets relationships," Gino told Insider. The media baron and inspiration for Logan Roy, Rupert Murdoch, the head of News Corp, also has stirred speculation over which of his children might succeed him at the top of the home of Fox News.

ImageFamily dramaHBO will release its last episode of “Succession” on Sunday. The fictional Roy family in “Succession” bears an uncanny resemblance to the Murdoch family. On the other was Wellington’s nephew, Tim Mara. Show credits could feature the Venetian blind that reportedly divided their stadium luxury suites at the height of their tension. The series would end in 1995 when Tim Mara, lacking any other recourse, sold his stake in the team.

☆ Elon Musk says he doesn't plan to give his kids control of his companies
▼ + stars: | 2023-05-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Elon Musk said he's found potential successors for his companies if "something happens to me unexpectedly." The billionaire said he doesn't plan to hand over his companies or voting shares to his kids. Musk dispelled rumors earlier this month that he would bring in a new Tesla CEO. Elon Musk says he doesn't plan to hand over his companies to his kids any time soon. The Tesla CEO did not respond to a request for comment from Insider ahead of publication.

Persons: Elon Musk, he's, Musk, X, X's, Grimes, Steve Jobs, Bernard Arnault, Rupert Murdoch —, I've, Musk's, Zach Kirkhorn, Tesla, James Murdoch —, —, Tom Zhu, he'd, Dan Ives Organizations: Morning, Reuters, Twitter, Street Journal, Musk Locations: China, North America, Europe

☆ How LVMH built a $500 billion luxury empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow LVMH built a $500 billion luxury empireLuxury conglomerate LVMH Moët Hennessy Louis Vuitton has built a massive 75-brand portfolio, cementing its legacy for decades to come. Its Chairman and CEO, Bernard Arnault has masterminded some of its biggest acquisitions, including, most recently Tiffany & Co. in 2021, after a bitter price dispute during the Covid-19 Pandemic. The company has been hailed for posting record revenue year after year, this year becoming the first European company to surpass $500 billion in market value.

☆ How luxury giant LVHM built a recession-proof empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

The company recorded revenue of 79.2 billion euros, or about $86.3 billion, last year, an increase of 23% from 2021 revenue. Some experts have long-hailed the company as "recession-proof," able to sustain itself through economic downturns and boasting products that uniquely appreciate over time. Though managed by LVMH, each maison has creative control over its own brand, with its own C-suite executives and mission. LVMH consistently collaborates with celebrities, fashion icons and influencers in order to stay relevant for the younger luxury crowd. Remaining relevant is key to longevity in luxury — and LVMH's strategy in building a brand that not only endures but continues to excel.

☆ How luxury giant LVMH built a recession-proof empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

Luxury giant LVMH Moët Hennessy Louis Vuitton, more commonly known as LVMH , has grown into a $500 billion powerhouse conglomerate of 75 distinguished brands, or "maisons," rooted in six different sectors — with no plans to slow down. The company recorded revenue of 79.2 billion euros, or about $86.3 billion, last year, an increase of 23% from 2021 revenue. Though managed by LVMH, each maison has creative control over its own brand, with its own C-suite executives and mission. LVMH consistently collaborates with celebrities, fashion icons and influencers in order to stay relevant for the younger luxury crowd. Remaining relevant is key to longevity in luxury — and LVMH's strategy in building a brand that not only endures but continues to excel.

☆ The 28-Year-Old LVMH Heir Turning TAG Heuer Into a Billion-Dollar Brand
▼ + stars: | 2023-05-14 | by ( Nick Kostov | Stacy Meichtry | ) www.wsj.com time to read: 1 min

GENEVA—Among the many luxury labels that form LVMH Moët Hennessy Louis Vuitton lies an upper-echelon of brands that generate more than $1 billion in annual revenue, driving the conglomerate’s business. Frédéric Arnault —chief executive officer of TAG Heuer and the third son of LVMH’s top boss, Bernard Arnault —said the Swiss watchmaker is about to join those ranks.

☆ The Young LVMH Heir Turning TAG Heuer Into a Billion-Dollar Brand
▼ + stars: | 2023-05-14 | by ( Nick Kostov | Stacy Meichtry | ) www.wsj.com time to read: 1 min

☆ There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH
▼ + stars: | 2023-05-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

But there's a similar legacy battle going on inside LVMH, the French luxury house run by Bernard Arnault. The children of the world's richest man are vying for influence within LVMH in a "Darwinian" fight. Showrunner Jesse Armstrong says his fictional Roy family is inspired by several famous dynasties, such as the Hearsts — the family behind Hearst Communications — and the Redstones — the controlling influence behind Paramount Global. There's still plenty of rivalry between the progeny of Bernard Arnault, CEO of luxury goods behemoth LVMH and world's richest person. The Roy family of "Succession."

☆ Factbox: Warren Buffett, Berkshire Hathaway at a glance
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +8 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan/File PhotoMay 4 (Reuters) - Tens of thousands of people are descending on Omaha, Nebraska to attend the annual shareholder weekend for billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N). Susan Buffett and Howard Buffett are Berkshire directors. His Berkshire stock will go to philanthropy after he dies. (Interview with CNBC, April 12, 2023)Abel on Berkshire managers' relationship with him: "It's not the same as working for Warren.

☆ Elon Musk earned a spot at the Museum of Failure, which listed 14 reasons including the strange names he gave 2 of his kids
▼ + stars: | 2023-05-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elon Musk earned a spot at the Museum of Failure in Brooklyn, which listed 14 reasons. According to the Museum of Failure, there's no such thing as innovation without a few bumps along the way. That's something Elon Musk is familiar with, and has earned him a spot at the museum for 14 reasons, which include the unusual names he gave two of his kids: X AE A-XII and Exa Dark Sideræl, who also now goes by Y. The museum aims to stimulate productive discussion about failure and inspire us to take meaningful risks," it says on its website. The museum is in Brooklyn until June 18 and has previously been on display in cities including Calgary, Canada and Taipei, Taiwan.

☆ LVMH chief Bernard Arnault ordered a makeover for Tiffany's Fifth Avenue store after getting lost inside
▼ + stars: | 2023-04-29 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

LVMH's CEO ordered a makeover of Tiffany's flagship Fifth Avenue store after getting lost in it. The Tiffany flagship store on Fifth Avenue pictured in 1995. Since the acquisition, LVMH has overhauled the design of Tiffany's flagship store, which reopened Wednesday after being closed since 2019. Tiffany & Co. brand ambassador Gal Gadot, Alexandre Arnault (left) and Tiffany CEO Anthony Ledru open the revamped Fifth Avenue store on April 26. When asked about that figure, Arnault told the Journal: "You cannot dream when you talk numbers.

☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
▼ + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."

As a young tycoon living in New York in the 1980s, Bernard Arnault quickly realized some of the most valuable real estate was located on the corner of Fifth Avenue and 57th Street. When he bought the building that houses the Louis Vuitton flagship store on the northeast corner, he got a close-up view of Tiffany & Co. across the street to the south. “We said, maybe at one point we’ll have more than one corner,” Mr. Arnault said in a rare interview from the glass-enclosed top floor of Tiffany’s newly renovated store, where he could gaze out and survey his domain. He now has three.

☆ The world's 12 wealthiest people got richer by $36 billion in a day - and have now gained $264 billion in net worth this year
▼ + stars: | 2023-04-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk, Jeff Bezos, and their peers have added $264 billion to their fortunes this year. The surge in their companies' stock prices this year has added $46 billion and $42 billion to their respective fortunes. Amazon founder Jeff Bezos, Tesla CEO Elon Musk, and L'Oreal heiress Francoise Bettencourt-Myers have gained around $27 billion, $25 billion and $23 billion each. The billionaire best friends have added $13 billion and $7 billion to their respective fortunes since the start of January. Meanwhile, the $36 billion of wealth they gained on Thursday rivals the the market values of grocery giant Kroger and Taco Bell-owner Yum!

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