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Bernard Arnault has nabbed the title as the highest-net worth individual in the world, a feat that has unseated billionaires Elon Musk and Jeff Bezos from their prior spots and that was fueled by the performance of the French luxury goods giant he helms.

Arnault’s top spot among the wealthiest in the world comes amid LVMH Moet Hennessy Louis Vuitton, the company he has run for decades as CEO, seeing notable growth in recent years. His and his family’s personal fortune — which includes an almost 50% ownership stake in LVMH — was estimated by Forbes in early April to be at $211 billion on its yearly list of the world’s richest people for 2023, compared to $158 billion the prior year.

LVMH SHUFFLES LEADERSHIP AT LOUIS VUITTON, DIOR

As of Tuesday afternoon, Arnault’s net worth was estimated to total $235.7 billion, according to Forbes’ real-time billionaires tracker. 

Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, and Delphine Arnault, executive vice president of Louis Vuitton, leave after the Spring/Summer 2020 collection show for fashion house Louis Vuitton during Men’s Fashion Week in Paris on Jun (REUTERS/Charles Platiau/Files / Reuters Photos)

LVMH’s revenue in 2022 totaled 79.18 billion euros, marking a 23% increase from the 64.215 billion euros posted in the prior year. It reported generating 44.65 billion euros of revenue for 2020.

For group share of net profit, LVMH had a 17% rise year-over-year, going from 12.04 billion euros in 2021 to 14.04 billion in 2022. Its net profit in 2020 was 4.7 billion euros.

In its most recently reported quarter, the luxury goods giant had revenue of 21.03 billion euros, up from 18 billion in first-quarter 2022.

"Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travelers; the United States, a market which continues to grow, had a steady performance," the company said in its April quarterly earnings release. "Asia experienced a significant rebound following the lifting of health restrictions."

Shoppers wait in line to enter the Louis Vuitton store in Union Square in San Francisco on Dec. 6, 2021. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

Over the past 12 months, the value of the LVMH’s stock has seen a nearly 41% jump, trading at roughly $193 on Tuesday afternoon. The company counts Louis Vuitton, Fendi, Christian Dior, Givenchy, Tag Heuer, Bulgari and Tiffany & Co. among its numerous brands. 

As Arnault’s position among the world’s richest rose, Musk, the CEO of Tesla, Twitter and SpaceX, and Bezos, the founder of e-commerce giant Amazon, both saw their net worths decrease by tens of billions of dollars, causing their rankings on Forbes’ 2023 Billionaires List to dip. 

BILLIONAIRES BEZOS, MUSK SLIDE IN FORBES WORLD'S RICHEST LIST

Musk and Bezos each experienced a one-spot drop, with the former taking second-place, at $180 billion, and the latter coming in third, at $114 billion, according to the outlet. On its real-time list, they sat in those same spots, with their net worths on Tuesday afternoon at $187.4 billion and $125.4 billion, respectively.

From left, Jeff Bezos, Bernard Arnault, and Elon Musk. (Annegret Hilse/SVEN SIMON Reuters | Nathan Laine/Bloomberg | Britta Pedersen-Pool)

Forbes noted Musk’s activity on Twitter and Tesla investors reacting to his purchase of the social media platform in connection to his fortune plunging $39 billion year-over-year. Meanwhile, Amazon has seen its share price go down over 30% in a one-year span, something that contributed to Bezos’ change in ranking.

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Arnault and Musk have been trading the "world's richest" title in recent months, as Tesla shares have fluctuated. The Musk-run electric vehicle and clean energy company has quarterly earnings slated for release on Wednesday.

Amazon will put out its latest financial results April 27.Ticker Security Last Change Change % LVMUY LVMH MOT HENNESSY LOUIS VUITTON SE 194.5 +1.23 +0.64%TSLA TESLA INC. 180.59 -3.72 -2.02%AMZN AMAZON.COM INC. 104.30 +2.00 +1.96%

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US

Melania Trump threatens to sue Hunter Biden for $1bn over Epstein comments

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Melania Trump threatens to sue Hunter Biden for bn over Epstein comments

Melania Trump has threatened to sue Hunter Biden for more than $1bn (£736.5m) in damages if he does not retract comments linking her to Jeffrey Epstein.

Mr Biden, who is the son of former US president Joe Biden, alleged in an interview this month that sex trafficker Epstein introduced the first lady to President Donald Trump.

“Epstein introduced Melania to Trump. The connections are, like, so wide and deep,” he claimed.

Ms Trump’s lawyer labelled the comments false, defamatory and “extremely salacious” in a letter to Mr Biden.

Hunter Biden. File pic: AP
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Hunter Biden. File pic: AP

Her lawyer wrote that the first lady suffered “overwhelming financial and reputational harm” as the claims were widely discussed on social media and reported by media around the world.

The president and first lady previously said they were introduced by modelling agent Paolo Zampolli at a New York Fashion Week party in 1998.

Mr Biden attributed the claim that Epstein introduced the couple to author Michael Wolff, who was accused by Mr Trump of making up stories to sell books in June and was dubbed a “third-rate reporter” by the president.

The former president’s son doubled down on his remarks in a follow-up interview with the same YouTube outlet, Channel 5 with Andrew Callaghan, entitled “Hunter Biden Apology”.

Asked if he would apologise to the first lady, Mr Biden responded: “F*** that – that’s not going to happen.”

He added: “I don’t think these threats of lawsuits add up to anything other than designed distraction.”

Ms Trump’s threat to sue Mr Biden echoes a strategy employed by her husband, who has aggressively used legal action to go after critics.

Public figures like the Trumps must meet a high bar to succeed in a defamation suit like the one that could be brought by the first lady if she follows through with her threat.

In his initial interview, Mr Biden also hit out at “elites” and others in the Democratic Party, who he claims undermined his father before he dropped out of last year’s race for president.

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The letter threatening legal action against Mr Biden is dated 6 August and was first reported by Fox News Digital.

It was addressed to Abbe Lowell, a lawyer who has represented Mr Biden in his criminal cases. Mr Lowell has not yet commented on the letter.

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Trump claims Epstein ‘stole’ Virginia Giuffre

Read more: What you need to know about Trump, Epstein and the MAGA controversy

This comes as pressure on the White House to release the Epstein files has been mounting for weeks, after he made a complete U-turn on his administration’s promise to release more information publicly.

The US Justice Department, which confirmed in July that it would not be releasing the files, said a review of the Epstein case had found “no incriminating ‘client list'” and “no credible evidence” the jailed financier – who killed himself in prison in 2019 – had blackmailed famous men.

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Politics

Spar rolls out nationwide stablecoin and crypto payments in Switzerland

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Spar rolls out nationwide stablecoin and crypto payments in Switzerland

Spar rolls out nationwide stablecoin and crypto payments in Switzerland

Spar will launch crypto and stablecoin payments across 300 Swiss supermarkets via Binance Pay and DFX.swiss, marking a retail first for the country.

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UK

Man accused of driving into crowds at Liverpool victory parade faces further 24 charges

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Man accused of driving into crowds at Liverpool victory parade faces further 24 charges

A man accused of driving into crowds at Liverpool FC’s title parade faces 24 new charges.

More than 130 people, including children, were injured when Paul Doyle allegedly drove his Ford Galaxy vehicle into hordes of fans at the celebrations on 26 May.

The 53-year-old, of Croxteth, Liverpool, was originally charged with two counts of wounding with intent, two counts of causing grievous bodily harm with intent, two counts of attempted grievous bodily harm with intent, and one count of dangerous driving.

Six of the new alleged offences relate to babies, including one six-month-old and one seven-month-old, proceedings at Liverpool Crown Court heard on Thursday.

The new indictment, which was not read out in court, now has 31 counts relating to 29 victims, aged between six months and 77 years old.

Doyle now faces 18 counts of attempting to cause grievous bodily harm, nine counts of causing grievous bodily harm with intent, two counts of wounding with intent, one count of dangerous driving and one count of affray.

He appeared in court via video link from prison and was in tears.

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He did not enter any pleas during the hearing, which lasted around 20 minutes.

The case was adjourned until 4 September, when Doyle is expected to enter pleas.

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