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Louis Vuitton owner Bernard Arnault supplants Jeff Bezos as the richest man in the world [businessinsider.com]:

• Louis Vuitton owner Bernard Arnault has surpassed Amazon's Jeff Bezos as the richest man in the world.
• Arnault's 47% stake in the luxury goods owner is now worth $196 billion as of Thursday.
• Bezos is worth about $186 billion, while Tesla's Elon Musk is worth more than $160 billion.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell [businessinsider.com].

Move over Jeff Bezos. Luxury goods owner Bernard Arnault is now the richest person in the world, based on the current stock price of Louis Vuitton. [businessinsider.com]

Arnault, who has been chairman of Louis Vuitton since he acquired a 44% stake in the brand conglomerate in the late 1980's, is worth $196 billion as of Thursday. That's slightly more than Jeff Bezos' net worth of about $186 billion, according to Forbes. [forbes.com]

Combined with a family holdings company, Arnault now owns 47% of Louis Vuitton, which had a total market value of $416 billion as of Thursday. The company, which owns brands including Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora, and Hennessy, has seen its stock price soar more than 30% year-to-date.

Louis Vuitton has seen a resurgence since the COVID-19 pandemic, with many of its brands setting record sales and profits in the first half of 2021. The company saw second quarter revenue [lvmh.com] hit $17.4 billion, up 14% from pre-pandemic levels.

Amazon's [businessinsider.com] post-earnings slump of more than 7% last week [businessinsider.com] helped catapult Arnault to the top spot, as Bezos saw his net worth decline by about $14 billion in a single day.

Rounding out third place for the world's richest person is Elon Musk, whose 22.4% Tesla [businessinsider.com] stake and SpaceX holdings makes him worth more than $160 billion [businessinsider.com].

Read more:Dave King has been one of the world's best fund managers for 10 years thanks to a creative, go-anywhere approach. He told us how investors can replicate his safe strategies for finding yields as the bond market gives them almost nothing. [businessinsider.com]

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