Two of the world’s wealthiest individuals had a lunch meeting in Paris recently. Elon Musk, accompanied by his mother Maye Musk, shared a meal with Bernard Arnault, CEO and majority shareholder of LVMH, and two of Arnault’s sons at the luxurious Cheval Blanc hotel. Arnault, known for his ownership of luxury brands like Louis Vuitton and Christian Dior, boasts a fortune of $197 billion. However, he recently experienced a setback when LVMH’s stock dropped, causing him to lose the top spot on the Bloomberg Billionaires Index to Musk. The Tesla CEO, with a net worth of $229 billion, regained his position as the world’s richest person.
During their lunch, the details of their conversation remain undisclosed. However, LVMH is known for its significant investments in social media marketing, spending an estimated €9.5 million ($10.38 million) on various platforms in 2022. Musk’s mother, Maye, was also present at the lunch and was recently in the spotlight for her runway appearance in Milan for British Vogue and LuisaViaRoma’s “Runway Icons” show.
Musk is currently in Paris for the Viva Technology event, where he will be speaking alongside other influential figures such as Salesforce CEO Marc Benioff and former US Secretary of the Treasury Larry Summers. The event, hosted by ad agency Publicis Groupe SA and LVMH-owned financial paper Les Echos, is a four-day gathering featuring renowned speakers. Tickets for the event start at €620 ($678 USD).
While Musk’s personal wealth remains high, his social media venture, Twitter, has faced financial difficulties. After Musk acquired the platform for $44 billion, Twitter’s finances have suffered. The company is reportedly facing eviction from its Boulder office for not paying rent for the past two months, and it also owes nearly $100,000 in cleaning fees at its other locations in Colorado. Twitter has also experienced a significant decline in ad revenue, as advertisers are concerned about the platform’s future under Musk’s leadership. As a result, the company’s financial performance has fallen short of expectations. Twitter is also dealing with litigation over unpaid rent, further adding to its financial challenges.
In addition, Twitter has taken on a $13 billion loan, resulting in billions in interest expenses and additional expenses related to its New York City office janitors. Eleven former janitors claim they were terminated in violation of labor protection laws, and Twitter is required to provide them with back pay totaling $100,000.
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