- Bernard Arnault has just become the world's richest man, according to the Forbes real-time billionaires list
- The CEO of LVMH Moët Hennessy has overtaken Amazon founder Jeff Bezos and billionaire Tesla founder Elon Musk to secure the win
- The news follows a nearly $14 billion loss to Amazon founder Jeff Bezo's fortune in just one day
Bernard Arnault, Chairman and CEO of LVMH Moët Hennessy, has overtaken Amazon founder Jeff Bezos as the world’s richest man.
The French businessman is said to be worth approximately $199 billion.
The news follows a nearly $14 billion loss to the Bezos' fortune in just one day. Amazon stock dropped 7.6% on Friday after the company reported it's second-quarter earnings on Thursday afternoon, leaving room for Arnault to overtake the Amazon founder as the world's richest man, Forbes Africa reports
In second place is Bezos with an estimated fortune of $191.1 billion and South African-born Elon Musk secured third place with a fortune of $183 billion.
Since 1989, Arnault has been the majority shareholder of LVMH Moët Hennessy, creating the world’s leading luxury products including Christian Dior, Louis Vuitton and Hennessy, Sunday World reports.
Francoise Bettencourt Meyers, the granddaughter of the founder of L’Oreal, has been named the world's richest woman with a fortune estimated at $92 billion.
Sun Dawu: Chinese billionaire jailed for 18 years, fined R7 million
In more news on the words top 1%, Briefly News previously reported that Chinese billionaire Sun Dawu has been jailed for 18 years and fined R7 million for 'provoking trouble'.
Dawu's illegal activities
The 67-year-old owner of the Dawu Agricultural and Animal Husbandry Group was arrested and tried in secret by Chinese authorities over allegations of illegal mining, incitement and other charges.
The Guardian reported that Dawu was found guilty by a court in Gaobeidian, near the capital Beijing. The billionaire was nabbed on November 11, 2020, alongside his wife, two sons and daughters-in-law.
He has been a fierce critic of the Xi Jinping regime and a supporter of Chinese dissidents.
A report by NDTV stated that the convict was a vocal champion of rural reforms and a whistleblower during a devastating swine fever outbreak in 2019. The agriculturalist was quick to call out officials on social media by posting pictures of dead pigs.
He pleaded guilty to the charges, saying his conviction may free thousands of others who were suffering under the administration of the Communist Party of China.
"The way they’re investigating me now is making those close to us suffer and those who hate us rejoice. I wish to take the charges upon myself, even if they’re severe, in exchange for the release of others. We are people who have made contributions to society,” he said
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