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LVMH is a global producer and distributor of luxury goods. It operates six segments: fashion and leather goods, its largest and oldest; watches and jewelry; wines and spirits; perfumes and cosmetics; selective retailing (including Sephora and airport duty-free retailer DFS); and other (including publishing). Higher-profile brands include Louis Vuitton, Bulgari, Fendi, Givenchy, Tag Heuer, Hennessy, Moet & Chandon, Glenmorangie, Sephora, and Benefit. LVMH operates more than 5,000 stores around the globe.

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Some of the world&#39;s richest individuals didn&#39;t become billionaires until later in life. Looking at the age several of the most well-known individuals hit the milestone.

Mark Cuban, Bill Gates, Elon Musk, Mark Zuckerberg, Michael Jordan, Rihanna: The Ages When 11 Famous Billionaires Reached The Milestone

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Massive 2492-carat diamond found in Botswana&#39;s Karowe mine owned by Lucara Diamond Corp. Likely second-largest gem-quality diamond ever found.

Check Out &#39;Massive&#39; 2,492-Carat Diamond Found In Botswana: Twice The Size Of $53M Gem Unearthed In 2017

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Beyoncé has launched a new whiskey brand called SirDavis, in collaboration with LVMH, marking her debut in the luxury spirits market.

Beyoncé Partners With LVHM&#39;s Moët Hennessy To Launch Luxury Whiskey Brand In Honor Of Her Great Grandfather

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Becoming a billionaire is a milestone in life that if often associated with company founders, athletes and entertainment icons. Often times, becoming a billionaire happens late into a career or during a second or third act, with the milestone sometimes leading to becoming among the<a href="https://www.benzinga.com/topic/bloomberg-billionaires-index"> richest people in the world. </a>
Here's a look at what age and how long it took some of the most famous billionaires to reach the impressive milestone.
What Happened:&nbsp;The world's richest person is Tesla Inc CEO&nbsp;Elon Musk, but his success didn't happen overnight. Musk reached billionaire status at the age of 41 and is&nbsp;<a href="https://www.benzinga.com/news/24/08/40437323/elon-musk-is-the-richest-person-in-the-world-how-much-does-he-pay-employees-at-tesla-spacex-and-x" target="_blank" rel="noreferrer noopener">now worth an estimated $244 billion</a><a href="https://www.benzinga.com/news/23/02/31078069/elon-musk-is-once-again-the-richest-person-in-the-world" target="_blank" rel="noreferrer noopener">.</a>
The ages of billionaires around the world have a wide range with some aged 19 making the list and others in their 90s.
A recent list&nbsp;from Twitter account&nbsp;Andrew Lokenauth&nbsp;<a href="https://twitter.com/FluentInFinance/status/1663029957168168963" target="_blank" rel="noreferrer noopener">highlighted&nbsp;</a>the ages it took some of the world's most prominent people to reach billionaire status.
Mark Zuckerberg&nbsp;(23): Facebook founder Zuckerberg is currently&nbsp;<a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">worth&nbsp;</a>$188 billion, ranking as the fourth richest person in the world. As one of the co-founders of Facebook, now known as&nbsp;Meta Platforms Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Zuckerberg became a billionaire when the company soared in valuation&nbsp;<a href="https://www.benzinga.com/news/21/10/23381351/5-things-you-might-not-know-about-facebooks-mark-zuckerberg-1" target="_blank" rel="noreferrer noopener">prior to its IPO</a>.
In 2007, Zuckerberg became the youngest self-made billionaire at the time. Meta Platforms went public in 2012 leading to an increased wealth for Zuckerberg.
Bill Gates&nbsp;(31): One of the founders of&nbsp;Microsoft Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Gates has been a billionaire for decades as the technology giant is one of the highest-valued companies in the world. In fact, Gates became the youngest-ever billionaire back in 1987 at the age of 31.
Tiger Woods&nbsp;(33): Golf legend Woods became only the&nbsp;<a href="https://www.benzinga.com/news/22/08/28441766/tiger-woods-becomes-latest-sports-billionaire-the-only-two-other-athletes-to-ever-join-the-10-digit-2" target="_blank" rel="noreferrer noopener">second athlete to ever be worth&nbsp;</a>$1 billion by&nbsp;<a href="https://www.forbes.com/profile/tiger-woods/?sh=603b66392593" target="_blank" rel="noreferrer noopener">Forbes&nbsp;</a>with the honor named in 2022. Woods has won more than&nbsp;$120 million in prize money while on the PGA Tour.
To hit billionaire status, Woods has seen his wealth gain over the years thanks to endorsement deals, including one signed with&nbsp;Nike Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>). Woods <a href="https://www.benzinga.com/general/sports-betting/23/12/36286512/tiger-woods-nike-breakup-near-how-the-stock-performed-over-their-30-year-affiliation">ended his partnership</a> with Nike in early 2024 to launch a new apparel deal with TaylorMade for his new Sun Day Red brand. 
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Rihanna&nbsp;(34): Singer and entrepreneur Rihanna&nbsp;<a href="https://www.benzinga.com/news/21/08/22334144/rihanna-becomes-a-billionaire-heres-how-she-did-it" target="_blank" rel="noreferrer noopener">became a billionaire&nbsp;</a>officially in 2021 with Forbes estimating her wealth at $1.7 billion.
Rihanna is the co-founder of Fenty, which is a collaboration with&nbsp;LVMH Moet Hennessy Louis Vuitton SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>)(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>). Rihanna's 50% stake in Fenty along with a stake in lingerie company Savage x Fenty has helped Rihanna's wealth soar above $1 billion.
Forbes currently estimates Rihanna is worth $1.4 billion.
Jeff Bezos&nbsp;(35): Founded as an online bookstore in 1994,&nbsp;Amazon.com, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is now one of the world&#8217;s most valuable companies. 
The company went public in 1997 and has soared in value, leading to Bezos being one of the richest people in the world. In 2020, Bezos became the first person in the world with a wealth of $200 billion.
Bloomberg currently lists Bezos with a wealth of $200 billion, ranking third in the world.
Mark Cuban&nbsp;(40): Entrepreneur and NBA team owner Mark Cuban sold his software consulting firm MicroSolutions at the age of 32 and made a $2 million profit. In 1999, Cuban<a href="https://www.benzinga.com/general/education/22/04/20446634/this-day-in-market-history-mark-cuban-sells-broadcast-com-to-yahoo" target="_blank" rel="noreferrer noopener">&nbsp;sold audio company Broadcast.com&nbsp;</a>to Yahoo! for $5.7 billion.
Today, Cuban is working to<a href="https://www.benzinga.com/news/23/06/32674033/mark-cuban-helping-lower-cost-of-bestselling-humira-with-cost-plus-drug-company-the-game-just-change" target="_blank" rel="noreferrer noopener">&nbsp;improve the high cost</a>&nbsp;of health care and prescription drugs for consumers, alongside<a href="https://www.benzinga.com/news/22/07/28225223/mark-cuban-shares-worst-shark-tank-investment-and-one-that-had-a-surprising-return-thanks-to-a-buyou-1" target="_blank" rel="noreferrer noopener">&nbsp;investing in new companies&nbsp;</a>on "Shark Tank" and on his own.
Elon Musk&nbsp;(41): Many may be surprised to learn that the world's richest person didn't become a billionaire until the age of 41.
Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/general/education/23/04/31815434/if-you-invested-1-000-in-tesla-stock-at-ipo-heres-how-much-youd-have-today" target="_blank" rel="noreferrer noopener">went public in 2010&nbsp;</a>and has seen its stock soar in valuation over the last 13 years.
Musk first cracked the Forbes Billionaires list in 2012 with a wealth of $2 billion. Known best as the CEO of Tesla and SpaceX, Musk added ownership of Twitter to his portfolio in 2022.
Musk is now worth an estimated $195 billion. With Tesla stock at all-time highs in 2021, Musk was&nbsp;<a href="https://www.benzinga.com/news/21/10/23674654/elon-musks-wealth-has-increased-so-much-he-could-buy-every-mlb-nba-nfl-and-nhl-team" target="_blank" rel="noreferrer noopener">worth more than the valuation</a>&nbsp;of every MLB, NBA, NFL and NHL team combined.
Oprah Winfrey&nbsp;(49): Known best as the queen of talk shows, Winfrey's show ran on television for 25 years. Winfrey has launched her own production company,&nbsp;Harpo Productions, and a cable channel called OWN, which was sold to Warner Bros. Discovery.
Winfrey enjoys a wealth of $2.5 billion according to Forbes and ranks as one of the richest self-made female billionaires.
Jay-Z,&nbsp;aka&nbsp;Shawn Carter&nbsp;(50): In 2019, Jay-Z was named the first hip-hop billionaire by Forbes.
In the last several years, Jay-Z's wealth has soared thanks to deals done by liquor brands he founded that he has sold stakes to beverage giants. Forbes lists the wealth of Jay-Z at $2.5 billion.
Michael Jordan&nbsp;(51): One of the greatest athletes of all time, Michael Jordan made millions playing the game of basketball.
Perhaps equally or more impressive, Jordan has thrived off the court with endorsement deals and team ownership to become the first athlete worth $1 billion. Jordan made $90 million during his time playing in the NBA.
Outside of basketball, Jordan has made billions in endorsements from companies such as&nbsp;Nike, Gatorade and Hanes.
The story of Jordan signing with Nike was even&nbsp;<a href="https://www.benzinga.com/general/entertainment/22/04/26717699/amazon-teams-up-with-ben-affleck-and-matt-damon-for-movie-about-a-historic-sports-endorseme" target="_blank" rel="noreferrer noopener">turned into a major motion picture,</a>&nbsp;highlighting the unique royalty-heavy deal he signed as a rookie.
Warren Buffett&nbsp;(56): Now 92 years old, Buffett is one of the oldest billionaires in the world with a wealth of $143 billion according to Bloomberg.
Known as the "Oracle of Omaha," Buffett is considered by many to be one of the greatest investors of all time. The&nbsp;Berkshire Hathaway&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO didn't become a billionaire until the age of 56 and has been known to be a patient long-term approached investor, which also parallels his wealth.
In 2000,<a href="https://www.benzinga.com/general/movers-shakers/21/08/17298128/warren-buffett-turns-91-a-highlight-for-each-decade-of-his-life" target="_blank" rel="noreferrer noopener">&nbsp;Buffett became the richest person</a>&nbsp;in the world at $62 billion, knocking Gates off the top of the leaderboard after 13 consecutive years.
This article was previously published by Benzinga and has been updated.
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The discovery of a fist-sized diamond in Botswana was announced on Wednesday by Canadian mining company Lucara Diamond Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUCRF#OTC">LUCRF</a>).
At 2,492-carats, the stone is likely the second-largest gem-quality diamond ever uncovered. It was found at the Karowe diamond mine, which is owned by the company.
Weighing over 1 pound, the newly found diamond has not yet been given a name. Naming large stones is a traditional practice for exceptionally valuable finds. It was unveiled on Thursday at Botswana President Mokgweetsi Masisi's office, ABC News <a href="https://abcnews.go.com/International/wireStory/botswana-huge-2492-carat-diamond-uncovered-mine-113052516">reported</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="542" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara.jpg" alt="" class="wp-image-509432" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara.jpg 800w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara-300x203.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara-768x520.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>
Photo courtesy of Lucara.
Botswana is the second-largest producer of diamond stones after Russia.
The value of the stone will depend on whether it can be cut into smaller, pure pieces. A diamond half the size called "Lesedi La Rona," found in the same mine in 2017, was sold to a British jeweler for $53 million.
Also read: <a href="https://www.benzinga.com/markets/equities/24/08/40469009/a-bar-of-pure-gold-is-now-worth-1-million-what-can-it-buy-you">A Bar Of Pure Gold Is Now Worth $1 Million: What Can It Buy You?</a>
The discovery, the company said, is a result of the use of "cutting-edge" X-ray transmission technology which allows the mine to identify large stones without the need to break them from the excess rock material.
"The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders," said President and CEO William Lamb.
This has allowed Lucara to find at least five other diamonds of above 1000 carats since 2019 in the same mine, including 1758 carat "Sewelô," which was sold to Louis Vuitton for an undisclosed amount. Louis Vuitton is owned by luxury and fashion giant LVMH Moet Hennessy Louis Vuitton SA Unsponsored ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>).
The largest gem-quality diamond ever found, of 3,106 carats, was unearthed in neighboring South Africa in 1905 and was named the "Cullinan Diamond" in honor of the mine's owner Thomas Cullinan. It was gifted to British King Edward VII in 1907 and cut into several smaller gems that are now either part of the country's Crown Jewels or owned by the royal family.
Bigger pure diamonds have been found, including "Sergio", which was 3167 carats but was not gem-quality, rather what is referred to as a black diamond. It was dug up in 1895 in Brazil and used for industrial machine parts.
The broader mining sector has experienced a seesaw pattern this year. Last week, <a href="https://www.benzinga.com/topic/gold">gold</a> reached its <a href="https://www.benzinga.com//node/40419054">highest price in history causing several mining stocks to move</a>.
SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), which covers primarily steel mining but also precious metals to a lesser degree, is down 5.7% in the last month but up 4.4% in the last six months.
SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) is down 2.8% in the last month and 2% in the past six months.
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Photo courtesy of Lucara.

Check Out 'Massive' 2,492-Carat Diamond Found In Botswana: Twice The Size Of $53M Gem Unearthed In 2017

Music icon Beyoncé Knowles-Carter is making her debut in the luxury spirits market&nbsp;with the launch of a&nbsp;new whiskey brand, SirDavis, in collaboration with&nbsp;LVMH-Moet Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>).
What Happened: Beyoncé is the latest celebrity to use their influence to endorse high-end liquor brands. She named SirDavis in honor of her great-grandfather, Davis Hogue, a farmer who concealed whiskey bottles during the Prohibition era in the South.
 &#8220;Discovering that my great-grandfather was a moonshine man made me feel like my love for whiskey was destined,&#8221; Beyoncé stated on Tuesday. &#8220;SirDavis allows me to honor him, creating a new shared legacy.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40453139/robert-kennedy-jr-says-if-you-want-to-drink-a-coke-drink-a-mexican-coke-heres-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Robert Kennedy Jr. Says If You Want To Drink A Coke, &#8216;Drink A Mexican Coke&#8217; — Here&#8217;s Why</a>
The whiskey, which is produced and bottled in Houston, Beyoncé&#8217;s birthplace, is the first spirit brand&nbsp;Moët Hennessy&nbsp;has fully developed in the U.S. 
Composed of&nbsp;51% rye and 49% malted&nbsp;barley, the whiskey is aged in sherry casks, resulting in a &#8220;bold sophistication&#8221; profile. 
SirDavis, priced at $89 per bottle, will hit the shelves in September. It is available for pre-order via the company&#8217;s official website.
Why It Matters: Beyoncé&#8217;s venture into the spirits industry comes on the heels of her recent political involvement. 
Earlier this month, it was reported that the singer pledged a<a href="https://www.benzinga.com/general/entertainment/24/08/40168992/beyonc-to-donate-4m-to-harris-in-bid-against-trump-she-feels-the-stakes-are-too-high"> $4 million donation</a> to Vice President Kamala Harris&#8217;s presidential campaign against former President Donald Trump. 
Harris has been using a <a href="https://www.benzinga.com/news/24/07/39975613/kamala-harris-channels-beyonc-in-first-campaign-video-and-slams-trump-there-are-some-people-who-thin">Beyoncé song in her campaign</a>, and the artist&#8217;s endorsement and fundraising appearance could be imminent.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Beyoncé Partners With LVHM's Moët Hennessy To Launch Luxury Whiskey Brand In Honor Of Her Great Grandfather

Christian Dior SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CHDRY#OTC">CHDRY</a>), a subsidiary of <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">French luxury goods conglomerate</a> LVMH Moet Hennessy Louis Vuitton SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), is reportedly behind on the UK&#8217;s required supply chain disclosures. The company&#8217;s website also contained outdated statements about third-party certifications.
What Happened: Until Jul. 19, Dior&#8217;s UK website displayed an anti-slavery statement from 2020 and an obsolete sustainability certification, Reuters reported. This was discovered through a review of company filings.
The company&#8217;s non-compliance with the UK&#8217;s Modern Slavery Act of 2015, which mandates annual statements on steps taken to combat forced labor, has raised concerns. 
The investigation into Dior&#8217;s practices has prompted calls from investors like Amundi and others for LVMH to take more aggressive measures in monitoring its suppliers&#8217; treatment of workers.
Following inquiries about its compliance with UK regulations, Dior published a modern slavery statement for 2023. The company claims to have ceased working with suppliers involved in illegal practices and is cooperating with authorities, according to the report.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</a>
Despite the legal obligation to publish these statements, no company has yet been penalized for non-compliance. There are ongoing discussions among lawmakers and rights groups about introducing penalties for non-compliance, according to Sara Thornton, professor of modern slavery policy at the University of Nottingham&#8217;s Rights Lab, the report said.
&#8220;We have been preparing an up to date modern slavery statement, which&#8230;has now been published on our website,&#8221; Dior said in a statement, according to the report. 
Why It Matters: This development comes at a time when LVMH is facing other challenges. The company&#8217;s <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">earnings fell short of expectations</a>, leading to a significant drop in the fortune of its CEO, Bernard Arnault. This has raised the possibility of Meta Platforms Inc. CEO Mark Zuckerberg overtaking Arnault as the third-richest person in the world.
Despite these challenges, LVMH has been strengthening its ties with Alibaba Group&nbsp;Holding Limited to enhance its <a href="https://www.benzinga.com/markets/equities/24/05/38967742/louis-vuitton-and-alibaba-strengthen-ties-to-boost-ai-powered-luxury-retail">luxury retail experience</a> in China. This partnership aims to leverage Alibaba&#8217;s cloud technologies and AI-powered retail innovations to elevate the luxury experience in China.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Travel, especially abroad, has historically been a luxury for most Americans. Despite a <a href="https://www.benzinga.com/news/econ-s/24/07/39649271/us-close-to-recession-warning-as-june-jobs-report-shows-rising-unemployment">tightening labor market</a> and <a href="https://www.benzinga.com/real-estate/24/06/39274689/amid-rising-costs-financial-strain-becomes-americas-chief-anxiety">uncertain economic conditions</a>, the number of households traveling abroad has soared nearly 30% as <a href="https://www.benzinga.com/top-stories/24/06/39511199/households-have-accrued-substantial-wealth-since-2019-contrary-to-popular-narratives-goldman-sachs">households build wealth</a>.
The number predictably fell in 2020 and 2021 during the COVID-19 pandemic but has increased in each of the past three years.
The Data: A post on X relayed <a href="https://x.com/MikeZaccardi/status/1811377036344061972">data</a> from Bank of America.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The number of households travelling abroad has increased in the past two years, and, as of June, is nearly 30% higher than 2019 levels <a href="https://t.co/zhhq8DeQRo">pic.twitter.com/zhhq8DeQRo</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1811377036344061972?ref_src=twsrc%5Etfw">July 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, spending on luxuries abroad has seen similar increases since 2019, <a href="https://x.com/MikeZaccardi/status/1811377159027462597">according</a> to Bank of America.
Why It&#8217;s Important: Amid a period of inflation, households have become price-sensitive in some areas and <a href="https://www.benzinga.com/markets/asia/24/06/39532768/e-commerces-ascent-stalls-as-one-sub-segment-grows-by-over-100-report">willing to spend</a> in others. Consumers have gravitated toward luxury or bargains, with less spending on items or experiences in between.
Meanwhile, flying is as popular as ever. More than <a href="https://www.benzinga.com/markets/equities/24/07/39693321/delta-earnings-on-deck-after-tsa-screens-record-3m-passengers-analyst-says-airline-has-insulatio">3 million passengers</a> were screened at U.S. TSA checkpoints on Sunday, July 7, a new record.&nbsp;
Market Implications: Long-term changes in consumer behavior stand to impact companies in various industries, most notably airlines and luxury goods.
Airlines have struggled since the pandemic, not so much with filling seats but with margin contraction and declining profitability. Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) shares sunk on Thursday after beating revenue estimates but missing on earnings. 
Delta&#8217;s luxury status seems to have insulated it better from industry trends better than competitors United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and American Airlines Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>).
Online travel agency Booking Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) is a stand-out name for its stock performance — up more than 100% — since 2019.
LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) and Hermes Intl S A Unsponsored France ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>) have benefited from increases in American travel to Europe. Ralph Lauren Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>) has been a standout performer in 2024, up over 25%.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39728268/inflation-slows-more-expected-to-3-in-june-heightens-expectations-for-rate-cuts-t">Inflation Slows More Expected To 3% In June, Heightens Expectations For Rate Cuts: Treasury Yields Tumble</a></li>
</ul>

Photo: Shutterstock

Travel

BKNG

HESAY

Households Traveling Abroad Jump Nearly 30% Since 2019: What It Means For Airline, Foreign Luxury Stocks

French stocks experienced a mixed trading session Monday as investors assessed the implications of an unexpected left-wing victory in Sunday's second <a href="https://www.benzinga.com/news/24/07/39657677/french-elections-take-a-surprising-turn-as-left-poised-for-victory-what-does-that-mean-for-the-marke">round of legislative elections.</a>
At 8:30 a.m. ET, the CAC 40 index, which tracks the forty largest companies in France by market capitalization, was trading near flat, erasing earlier gains. Despite the index&#8217;s stability, the French luxury sector took a hit. 
Three of the sector&#8217;s largest companies each traded in negative territory as market sentiment weakened over concerns of increased wealth taxation following the left&#8217;s win.
<ul>
<li>Hermes International SA (OTCPK: HESAF) down 0.7%</li>
<li>LVMH – Moët Hennessy Louis Vuitton (OTCPK: LVMUY) down 1.6% </li>
<li>Kering SA (OTCPK: PPRUY) down 2% </li>
</ul>
What Happened: The left-wing New Popular Front coalition (NPF)—comprising the far-left France Unbowed, the Socialists, and the Greens—secured the most seats, with 188. This outcome defied expectations, given that President Emmanuel Macron&#8216;s centrist group, Ensemble, won 161 seats, and the National Rally (RN) claimed third place with 142 seats. 
In an effort to avoid three-way run-offs, centrist and leftist parties had earlier agreed to withdraw 221 candidates after the RN emerged as the leading party in the first round. This strategic move included 83 candidates from Macron's camp and 132 from the NPF.
While the risk of a far-right government has been averted, the left-wing's relative majority introduces new uncertainties. With no political group holding an absolute majority, a political gridlock looms. 
The left, having gained most seats, might be called upon to form a new minority government, likely seeking alliances with centrist and other political forces.
However, in response to the election results, President Macron rejected Prime Minister Gabriel Attal's resignation, asking him to stay in office temporarily to ensure the country&#8217;s stability.
Also Read: <a href="https://www.benzinga.com/news/24/07/39658887/boeing-strikes-plea-deal-with-doj-for-defrauding-us-regulator-over-737-max-safety-victims-lawyer-cal">Boeing Strikes Plea Deal With DOJ For Defrauding US Regulator Over 737 MAX Safety: Victims&#8217; Lawyer Calls It &#8216;Deceptive And Generous…Not In Public Interest&#8217;</a>
Why It Matters: Jean-Luc Mélenchon, the leader of the left-wing faction, is a controversial figure known for his anti-euro and anti-NATO stance. Admiring former Venezuelan leader Hugo Chavez and Cuba's Fidel Castro, Mélenchon is an advocate for wealth redistribution—an ideology that makes Wall Street uneasy.
The NPF aims for a radical shift from Macron&#8217;s neoliberal policies, focusing on enhancing the welfare state and redistributing economic resources to the working and middle classes. Their key proposals include raising the minimum wage to 1,600 euros per month, abolishing Macron&#8217;s retirement age increase, reintroducing a wealth tax on large fortunes, imposing fiscal measures to tax the super-profits of large companies, and halting the shipment of French arms to Ukraine.
These economic measures could substantially increase the burden on French spending, adding further strain to an already troubled government budget. Last year, Paris ran a budget deficit of 5.5% and once again saw its debt-to-GDP ratio exceed 110%.
The European Union has placed France, along with other highly indebted nations, under an excessive deficit procedure. This requires active dialogue with the government to find solutions for alleviating the stress on public finances.
Expert Ideas: Maurits Pot, CEO of Tema ETFs, shared his insights with Benzinga: 
"Short-term interest in listed French luxury companies could be more subdued as markets digest whether the prime targets of a left government become French luxury tycoons." 
He further noted, "We are less concerned about actual luxury demand since, for most French luxury companies, France represents a fraction of overall sales. We hold French equities in our Luxury fund – TEMA Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUX#NYSE">LUX</a>) – including major groups like LVMH and Remy. While a left government might pose challenges for billionaire owners, shareholder affairs rarely impact the companies they own,&#8221; he stated. 
Now Read:
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<li><a href="EXCLUSIVE: GLP-1 Weight-Loss Drugs Could Become A Trillion-Dollar Market, Predicts Tema ETFs CEO"> </a><a href="EXCLUSIVE: GLP-1 Weight-Loss Drugs Could Become A Trillion-Dollar Market, Predicts Tema ETFs CEO">EXCLUSIVE: GLP-1 Weight-Loss Drugs Could Become A Trillion-Dollar Market, Predicts Tema ETFs CEO</a></li>
</ul>

Equities

Government

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Eurozone

Politics

Econ #s

HESAF

PPRUY

French Luxury Stocks Fall As Tax Concerns Rise After Left-Wing Election Upset: 'A Left Government Might Pose Challenges For Billionaire Owners'

Software company MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) is heavily invested in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) thanks to the bullish support of its co-founder and <a href="https://www.benzinga.com/topic/michael-saylor">executive chairman, Michael Saylor.</a>
While Saylor's bullish Bitcoin bet has paid off for MicroStrategy shareholders, a 2012 interview recommending buying shares of Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could have returned slightly more to investors.
What Happened: Saylor has been bullish on Bitcoin for many years. He has also put his money — and MicroStrategy's money — <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27865236/exclusive-michael-saylors-microstrategy-is-married-to-bitcoin-everything-else-in-the-world">where his mouth is.</a>
While investors who followed Saylor's bullish take and MicroStrategy first buying Bitcoin in 2020 have profited nicely, a newly resurfaced video shared by Swan co-founder Neil Jacobs shows Saylor making a bold prediction on Apple in 2012. 
See below. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today seems like a good day to rewatch this Michael Saylor video from 2012 about Apple stock. &#x1f34e; He also briefly talks about Dell computers. &#x1f440; <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/DrAKvD1Hjw">pic.twitter.com/DrAKvD1Hjw</a>
&mdash; Neil Jacobs (@NeilJacobs) <a href="https://twitter.com/NeilJacobs/status/1804231596091793569?ref_src=twsrc%5Etfw">June 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h3 class="wp-block-heading">What Saylor Said</h3>
"If you ask me, Apple Computer is going to $2,000 a share. I'd be very, very long that company," Saylor said in the <a href="https://x.com/NeilJacobs/status/1804231596091793569?t=Yu-3Lm9eZhAguHoFw29Y0w&amp;s=19">video</a>.
Apple went from being worth $3 billion 12 years ago to <a href="https://www.benzinga.com/general/education/19/04/11495978/this-day-in-market-history-apple-hits-600b-market-cap">being worth $600 billion</a>, thanks to its new devices like the iPhone and strong user base.
"Whoever is selling that stock must be a moron," Saylor said.
The Bitcoin bull compared the iPhone to a Dell computer that you put under a desk and don't care if its hot or ugly, you just want it to be $400 or $500. Saylor said if you put a phone in your pocket, you care if its hot and what it looks like, giving Apple an advantage.
Saylor said each iPhone model improves speed, battery life and is lighter, appealing to consumers to buy the newest device.
Unlike computers, which saw prices drop as they improved, Saylor said Apple doesn't need to lower its prices.
"People know just enough to hurt themselves," Saylor said of a person who asked him about Apple being able to maintain their prices.
Saylor compared Apple and the iPhone to LVMH&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) handbags — both items continue to sell for thousands of dollars. 
"When the technology goes from being a utilitarian vocational brick that I put under my desk to being a piece of clothing, a fashion statement," Saylor said of the iPhone.
Saylor called iPhones and iPads as being somewhere between clothing, jewelry and accessories.
"They can hold that price point forever," Saylor said.
Saylor said Apple can sell an iPhone and iPad to consumers every two to five years.
Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38464921/michael-saylor-summarizes-why-microstrategy-is-superior-to-bitcoin-etfs">Michael Saylor Summarizes Why MicroStrategy Is Superior To Bitcoin ETFs</a>
<h3 class="wp-block-heading">Was Saylor Correct? </h3>
Apple shares hit well over $2,000 on a split-adjusted basis years later, making Saylor's prediction correct.
Saylor's Apple thesis was mostly true. Today, the company does not need to lower prices. It also sells upgraded models of the iPhone with new features and improved battery life each year.
The iPhone becoming a must-have device has also rung true. The iPhone is one of the top market share leaders in smartphones and, in some cases, considered a status symbol.
Apple shares traded at a split-adjusted $21.31 on May 1, 2012. That could have been around the time Saylor's comments were made. A $1,000 investment in Apple shares at the time would be worth $9,824.80 today, up 882.5%.
Compare that to the +284.2% return of the SPDR S&amp;P 500 ETF Trust over the same time period.
Thanks to its investment in Bitcoin, MicroStrategy has been a top performing stock of the last 10 years. The same $1,000 invested in MicroStrategy at the same time would be worth $9,374.91 today, up 837.5%.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37219692/microstrategys-michael-saylor-vows-to-hold-forever-eyes-bitcoins-long-term-dominance">MicroStrategy&#8217;s Michael Saylor Vows To &#8216;Hold Forever,&#8217; Eyes Bitcoin&#8217;s Long-Term Dominance</a>

$BTC

AAPL

MSTR

Michael Saylor 2012 Apple Stock Prediction Goes Viral, Here's What Bitcoin Bull Got Right: 'Whoever Is Selling That Stock Must Be A Moron'

By now, we have all heard that Europe had a <a href="https://www.msn.com/en-us/money/markets/whats-next-for-markets-after-far-right-eu-election-surge-triggers-shock-france-vote/ar-BB1nZxXg">fairly decisive turn rightward</a> over the weekend in parliamentary elections. France is calling for <a href="https://www.msn.com/en-us/news/world/french-president-macron-calls-for-snap-election-after-heavy-defeat-in-eu-vote/ar-BB1nUwut">snap elections</a>. No one likes the <a href="https://www.msn.com/en-us/news/other/afd-help-inflict-worst-ever-eu-defeat-on-olaf-scholz-s-party/ar-BB1nUKKz">German leaders</a> anymore. It&rsquo;s a mess.&nbsp;Or is it?
The Vanguard FTSE Europe (ARCA:VGK) ETF is down since the weekend. It seems investors need a breather from what&rsquo;s been an easy $10-plus price increase per share since November.
&ldquo;I would not recommend European companies for investment aside tourism related companies because rich Americans are flooding into Europe,&rdquo; said <a href="https://twitter.com/amlivemon">Albert Marko</a>, partner at Mavarinas Management Group in Florida. He likes luxury companies like LVMH (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmuy#OTC">LVMUY</a>) or Brunello Cucinelli (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bcucf#OTC">BCUCF</a>).
&ldquo;The EU continues to live in a world pre-COVID, hoping for cheap Russian fuel and a resurgent Chinese market, and have failed to adapt, expand and systematically reorganize supply chains,&rdquo; Marko said. &ldquo;This is particularly dumbfounding as <a href="https://www.cnn.com/2023/04/15/europe/germany-nuclear-phase-out-climate-intl/index.html">Germany nuclear power</a> was taken offline and the <a href="https://www.bbc.com/news/world-europe-62335287">Dutch agriculture sector</a> was targeted by government to impose climate policies.&rdquo; Marko said.
Not too bright, apparently.
<h3>Who Won And What Does It Mean?</h3>
The biggest winner over the weekend, in terms of party name, was a group called the Identity and Democracy Group (ID). This party sprouted up to challenge the prevailing view among the the European political establishment that unabated immigration from Northern Africa and Muslim countries was good for Europe.
As a result of this view, the ID party went from 49 seats in the European parliament to 58. The right wing European Conservatives and Reformists (ECR) went from 69 seats to 73 and the more centrist to right-leading, and somewhat status quo European People&rsquo;s Party (EPP) went from 176 to 186 members.
The Left and Progressive Alliance of Socialists and Democrats (S&amp;D) lost seats while the biggest losers were the Greens and Renew parties. They lost around a quarter of their seats. The Greens are second-in-command in Germany.
Despite the headlines, the usual suspects are still in power in Europe, albeit with a weaker hand, said <a href="https://twitter.com/AzadZangana">Azad Zangana</a>, Senior European Economist for Schroders in London.
&ldquo;The results mean that the previous coalition led by EPP and backed by the S&amp;D and Renew retains control, after winning 56% of seats versus 59% previously,&rdquo; Zangana said.
The increased presence of right-wing populist and nationalist politicians in the EU parliament will have an impact on policies &ndash; namely immigration and the new energy transition.
&ldquo;There is a very clear desire to see greater controls and restrictions on inward migration, and there is real unhappiness over the perceived impact of green initiatives, and the cost of such policies,&rdquo; Zangana said. &ldquo;The notion that Europe can press ahead and decarbonize its economy but without regard of the impact on the competitiveness of its firms has hurt the energy transition agenda.&rdquo;
Europe decarbonization went into high gear in 2022. As part of its sanctions regime against Russia for the war in Ukraine, the EU agreed to ban the use of Russian natural gas and impose limits on Russian oil imports. This led to <a href="https://worldpopulationreview.com/country-rankings/cost-of-electricity-by-country" style="color:#467886; text-decoration:underline">higher energy prices</a> throughout Western Europe. News reports over the last two years have been particularly hard on Germany, saying the Western European superpower is <a href="https://www.bloomberg.com/news/features/2024-02-10/why-germany-s-days-as-an-industrial-superpower-are-coming-to-an-end">deindustrializing</a> largely due to energy prices.
France was the biggest election headline. The iShares MSCI France (ARCA: EWQ) ETF is trailing the iShares MSCI Eurozone (BATS: <a class="ticker" href="https://www.benzinga.com/stock/ezu#BATS">EZU</a>) ETF since the weekend and is underperforming EZU year-to-date. Usually, EWQ beats EZU, but not of late.
Emmaneul Macron called for snap elections on Sunday after rival Marine Le Pen clobbered members of his coalition.
Early indications are that Le Pen&rsquo;s Rassemblement National won the largest share of votes and will increase her party&#39;s representatives for France in the European Parliament. Le Pen secured around double (over 35%) the share of votes that the ruling coalition Besoin d&rsquo;Europe had won (around 15%).
There are no new polls at the time of this writing so many investors are assuming the European Parliament results mean French voters might pull the trigger for Le Pen&#39;s party, even though she&rsquo;s lost so many times before.
&ldquo;By July 7 we will have a second round of elections in France and know more about direction. This is Macron&rsquo;s gamble that he can beat her in a run-off and assemble a coalition capable of holding the government,&rdquo; said Vladimir Signorelli, head of macro investment research firm Bretton Woods Research in New Jersey.
&ldquo;Macron has the coalition building skills and Le Pen does not. So I am not confident she can beat Macron just yet,&rdquo; Signorelli warned.
&ldquo;These elections signaled the death knell for two things: one is the green energy crusade there. That&rsquo;s come to an end. And I also think the unanimity on the Ukraine war is breaking apart and that could be more bullish for Europe. But as an investor, I think I&rsquo;d go into more of a peripheral Europe play. I&rsquo;d look at Greece and maybe Austria.&rdquo;
The Global X MSCI Greece (ARCA:GREK) ETF is beating VGK year-to-date, up 11.2%. The Relative Strength Index is in the mid-50s, suggesting no one is chasing Greece. Meanwhile, the iShares MSCI Austria (<a href="https://www.benzinga.com/quote/EWO" style="color:#467886; text-decoration:underline">EWO</a>) ETF has been the most beat up of the two, underperforming VGK and up just 1.5% this year. EWO was overbought in May, with its relative strength index falling below 45 this week.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

BCUCF

What Does Europe's 'Tilt Rightward' Really Mean And Is The FTSE Europe ETF Worth Buying Now?

European equities ended Monday broadly positive, while the U.S. market was closed for <a href="https://www.benzinga.com/24/05/39027079/is-the-us-stock-market-open-on-memorial-day-why-the-s-p-500-could-end-the-year-on-a-high-note">the Memorial Day holiday. </a>
Traders maintained an overall positive risk sentiment on European assets, driven by near-total certainty that the European Central Bank (ECB) will deliver a rate cut at its June meeting.
Three key ECB members — chief economist Philip Lane, Finland Central Bank governor Olli Rehn and France Central Bank governor François Villeroy de Galhau — made reassuring statements indicating a rate cut is imminent.
<ul>
<li>&#8220;A June rate cut is appropriate if the inflation outlook holds,&#8221; Lane said. </li>
<li>&#8220;Inflation is converging to our 2% target in a sustained way, making it the right time in June to ease the monetary policy stance and start cutting rates,&#8221; Rehn said. </li>
<li>&#8220;Barring a surprise, a June rate cut is a done deal,&#8221; Villeroy said. </li>
</ul>
Traders now almost fully price in a June rate cut and expect a total of 65 basis points in cuts (more than two cuts but less than three) by the end of the year.
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), inched 0.1% higher to 1.0840. 
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major European Indices</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th class="has-text-align-center" data-align="center">Country</th>
<th>US-Based ETF</th>
<th>Price</th>
<th>1-day %chg</th>
</tr>
</thead>
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">Spain – IBEX 35</td>
<td>iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)</td>
<td>11,335</td>
<td>0.79%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Italy – FTSE MIB </td>
<td>iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)</td>
<td>34,751</td>
<td>0.75%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">France – CAC 40</td>
<td>iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>)</td>
<td>8,142</td>
<td>0.62%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">EU – Euro Stoxx 50</td>
<td>iShares Europe ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEV#NYSE">IEV</a>)</td>
<td>5,065</td>
<td>0.58%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Germany – DAX </td>
<td>Global X Dax Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAX#NYSE">DAX</a>)</td>
<td>18,793</td>
<td>0.53%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers In Europe</h3>
Monday&#8217;s top performers on the Euro Stoxx 50 index included:
<ul>
<li>RWE AG (OTCPK: RWEOY) +2.55%</li>
<li>Bayer AG (OTCPK: BAYRY) +2.32%</li>
<li>Volkswagen AG (OTCPK: VWAGY) +1.65%</li>
<li>Enel Società per Azioni (OTCPK: ENLAY) +1.6%</li>
<li>Iberdrola S.A. (OTCPK: IBRDY) +1.5%</li>
<li>Eni S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) +1.38%</li>
</ul>
European pharma giant Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) and France luxury powerhouse LVMH-Moet Hennessy Louis Vuitton (OTCPK: LVMUY) closed 0.9% lower and 0.8% higher, respectively. 
Dutch chipmaker firm ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) closed 0.2% higher, notching the third straight session of gains. 
Among carmakers, Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) rose 1.5%. Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) closed up 0.7%, positively reacting to its victory in Sunday's Formula 1 Grand Prix in Monte Carlo.
Among major banks, UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) outperformed, up 1%. 
Read now: <a href="https://www.benzinga.com/news/24/05/39028061/alibaba-signs-david-beckham-as-global-brand-ambassador-for-e-commerce-platform">Alibaba Signs David Beckham As Global Brand Ambassador For E-Commerce Platform</a>
Photo via Shutterstock.

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European Equities Close Higher As Traders Bank On Imminent ECB Rate Cut: What's Driving Markets Monday?

French luxury fashion house&nbsp;LVMH-Moet Hennessy Louis Vuitton&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) and e-commerce giant&nbsp;Alibaba Group&nbsp;Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) have announced the&nbsp;<a target="_blank" href="https://www.lvmh.com/news-documents/news/lvmh-redefines-luxury-retail-experience-in-china-with-a-new-extended-partnership-with-alibaba/" rel="noreferrer noopener">expansion&nbsp;</a>of their partnership.
The collaboration aims to elevate the luxury experience in China by utilizing Alibaba&#8217;s cloud technologies and AI-powered retail innovations.
This deeper partnership demonstrates both companies&#8217; commitment to fostering retail innovation and delivering tech-driven luxury experiences.&nbsp;
With over 30 Maisons and Divisions in mainland China and Southeast Asia, the five-year extension of the partnership underscores a mutual commitment to exploring new markets, products, and technological frontiers.&nbsp;
Leveraging Alibaba&#8217;s capabilities will help LVMH enhance its omnichannel, data, and tech presence in China.&nbsp;
Stephane Bianchi, Group Managing Director of LVMH said, &#8220;The reinforcement of our partnership will help us&nbsp;to&nbsp;further accelerate our omni-channel business growth, and to&nbsp;keep on leveraging the transformative capabilities of cloud and AI technologies, along with Alibaba&#8217;s world-leading expertise in&nbsp;ecommerce&nbsp;operations.&#8221;
Eddie Wu, CEO of Alibaba Group, expressed excitement about transforming the high-end consumption experience through their advanced technologies in cloud computing and AI.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38941156/alibaba-sparks-ai-price-war-with-massive-discounts-report" rel="noreferrer noopener">Alibaba Sparks AI Price War With Massive Discounts: Report</a>
This partnership has already enhanced the retail experience for LVMH customers worldwide, particularly in China via Tmall.
LVMH has integrated Alibaba Cloud&#8217;s generative AI capabilities, including Qwen and Model Studio (Bailian), to create novel applications and services.&nbsp;
LVMH will access more of Alibaba Cloud&#8217;s technologies to optimize operations, enhance customer insights, and streamline supply chain management.
Since its inception in 2019, the strategic partnership has enabled LVMH to utilize Alibaba Cloud&#8217;s data management tools and machine learning platforms to personalize services for the Chinese market.&nbsp;
The announcement follows successful integrations with Tmall in luxury brands like Tiffany and Chaumet, as well as&nbsp;numerous omni-retail initiatives.
Price Action: LVMHF shares are trading lower by 2.23% at $814.20&nbsp;at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Contracts

BABA

Louis Vuitton And Alibaba Strengthen Ties To Boost AI-Powered Luxury Retail

French luxury fashion house&nbsp;LVMH-Moet Hennessy Louis Vuitton&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>)&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>)&nbsp;<a target="_blank" href="https://www.lvmh.com/news-documents/press-releases/lvmh-achieves-3-organic-revenue-growth-in-the-first-quarter/" rel="noreferrer noopener">reported&nbsp;</a>a 2% decline in first-quarter FY24 revenue to €20.7 billion. Organic revenue growth was 3%.
The Wines &amp; Spirits business group saw a revenue decline of 16%&nbsp;(down 12% organic) in the first quarter of 2024.
The Fashion &amp; Leather Goods business group achieved organic revenue growth of 2%, and the Perfumes &amp; Cosmetics&nbsp;business group recorded a 7% organic growth.
Selective Retailing organic revenue growth was 11%, with Sephora gaining market share. Growth in North America, Europe and the Middle East remained strong.
Europe and the U.S. achieved growth on a constant currency and consolidation scope basis in the quarter.
Japan recorded double-digit revenue growth. Rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.
Price Action: LVMHF shares closed higher by 1.58% at $855.05 on Tuesday.
Photo via Shutterstock

Earnings

French Fashion Giant LVMH Records 3% Organic Revenue Growth In Q1: Details

The luxury goods industry is preparing for a substantial decline in sales, attributed to China&#8217;s subdued demand and challenging comparisons with the sales spike following the COVID-19 pandemic last year.
What Happened: Investors are bracing for a sharp fall in sales as luxury brands reveal their Q1 results. The anticipated decline is linked to weak demand from China, and Reuters reported that compared with last year, when COVID-19 restrictions were lifted in mainland China, a sales surge was resulting.
LVMH Moet Hennessy Louis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), the world&#8217;s largest luxury conglomerate, will be the first to announce results on Apr. 16, followed by competitors Kering (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PPRUF#OTC">PPRUF</a>), Prada (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PRDSY#OTC">PRDSY</a>), and Hermes International (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAF#OTC">HESAF</a>) a week later. Burberry Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BURBY#OTC">BURBY</a>) and Compagnie Financière Richemont SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CFRUY#OTC">CFRUY</a>) will report in May.
See Also: <a href="EXCLUSIVE: 'China's Stock Market Has Bottomed, Indicating A Potentially Rare Opportunity,' Says Investment Strategist">EXCLUSIVE: &#8216;China&#8217;s Stock Market Has Bottomed, Indicating A Potentially Rare Opportunity,&#8217; Says Investment</a>
A surprise warning from Kering last month that Q1 sales would be down by 10% rather than the expected 3% has already cast a pall over the reporting season. The group attributed the sales slump in Asia to its star label, Gucci. This underperformance has sparked worries that other luxury fashion labels might struggle in China.
&#8220;We&#8217;ve got a lasting crisis and we don&#8217;t know where things are heading,&#8221; said Olivier Abtan, a consultant with AlixPartners. He characterized the slump as unparalleled, stating that &#8220;all growth engines have been off for a number of quarters.&#8221;
HSBC analysts have also observed that Chinese tourists in Hong Kong, Macau, and Singapore appear to be spending less. This uncertainty impacts the valuation of companies like Kering, which is trailing its competitors.
Why It Matters: The luxury sector&#8217;s outlook is clouded by geopolitical tensions and economic uncertainties in China. The U.S. Treasury Secretary, Janet Yellen, recently warned <a href="https://www.benzinga.com/news/24/04/38138081/janet-yellen-threatens-beijing-with-us-sanctions-standing-in-mainland-china-if-they-assist-russia-in">Chinese banks and exporters</a> against aiding Russia's military capacity, citing potential sanctions. This development could further dampen China&#8217;s economic prospects and impact the luxury sector.
Furthermore, <a href="https://www.benzinga.com/news/24/04/38135736/biden-set-to-warn-beijing-as-china-philippines-feud-over-world-war-2-era-ship-in-south-china-sea-und">tensions are escalating</a> in the South China Sea, with President Joe Biden expected to express serious concerns over China's increasing activities in the region. These geopolitical issues, coupled with the ongoing economic challenges, are likely to impact further consumer sentiment and spending in China, a key market for luxury brands.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38131596/yellen-warns-china-hands-off-russias-war-efforts-in-ukraine-or-face-significant-consequences?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Yellen Warns China: Hands Off Russia&#8217;s War Efforts In Ukraine Or Face &#8216;Significant Consequences&#8217;</a>
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BURBY

CFRUY

PPRUF

PRDSY

Prada, Gucci, Louis Vuitton Brace For Sales Slump As China's Economic Turbulence Hits Luxury Market

Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO&nbsp;Elon Musk&nbsp;has fallen to the third spot on the list of the world&#8217;s richest people, just weeks after&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37473160/jeff-bezos-overtakes-elon-musk-reclaims-worlds-richest-person-title-as-wealth-soars-to-200b" rel="noreferrer noopener">holding the number two position</a>. This shift is largely due to a slump in Tesla&#8217;s stock price this year.
Electric Struggles: Tesla has been the worst-performing stock in the S&amp;P 500 this year. Analysts <a href="https://www.benzinga.com/markets/equities/24/03/37651400/tesla-slides-over-2-premarket-whats-dragging-the-ev-stock-today" target="_blank" rel="noreferrer noopener">cite concerns about</a> eroding margins from aggressive price cuts and a slowdown in the EV market.
This decline has impacted Musk&#8217;s net worth, closely tied to Tesla&#8217;s performance. According to&nbsp;<a target="_blank" href="https://www.forbes.com/real-time-billionaires/#7dfd41dd3d78" rel="noreferrer noopener">Forbes</a>, his net worth has decreased by $3.9 billion to $187.9 billion. This places him behind&nbsp;Amazon.com Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder&nbsp;Jeff Bezos, whose net worth is estimated at $196.8 billion.
The gap between Musk and the world&#8217;s richest person,&nbsp;Bernard Arnault, has also widened. Arnault, the CEO of&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), boasts a net worth of $239.9 billion.
<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex"> 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="626" height="450" data-id="252839" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231834/TSLA-vs-Indices.png" alt="" class="wp-image-252839" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231834/TSLA-vs-Indices.png 626w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231834/TSLA-vs-Indices-300x216.png 300w" sizes="(max-width: 626px) 100vw, 626px" /></figure> 
</figure>
Contrasting Fortunes:  Bezos, whose wealth is primarily driven by his Amazon stock ownership, overtook Musk on the list in early March. He recently capitalized on the significant growth of Amazon <a href="https://www.benzinga.com/general/24/03/37591221/jeff-bezos-sold-8-5-billion-worth-of-amazon-stock-and-saved-600-million-in-taxes-by-moving-to-florid" target="_blank" rel="noreferrer noopener">by selling around 50 million shares</a>, reportedly netting him $8.5 billion. This move coincided with his relocation to Miami, a strategic decision that reportedly saved him a substantial amount in taxes.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231833/TSLA-AMZN-LVMFH.jpeg" alt="" class="wp-image-252838" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231833/TSLA-AMZN-LVMFH.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/14231833/TSLA-AMZN-LVMFH-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
LVMH&#8217;s stock, on the other hand, has been on a tear this year, gaining over 20% on the Euronext Paris exchange. Morgan Stanley this week reportedly upgraded its outlook for the company, significantly increasing its price target on strong performance, particularly in its Fashion &amp; Leather Goods division.
Why It Matters: Tesla&#8217;s downturn follows a period of strong recovery last year when it managed to <a href="https://www.benzinga.com/markets/equities/24/01/36471114/heres-how-many-vehicles-tesla-has-delivered-produced-in-each-quarter-since-2019">deliver a record number of vehicles</a> and rake in $96 billion in revenue. 
Despite Tesla&#8217;s recent setbacks, the company has received a vote of confidence from some analysts such as Wedbush and fund managers <a href="https://www.benzinga.com/markets/equities/24/03/37723955/cathie-wood-to-teslas-rescue-ark-invest-scoops-up-35m-of-ev-giants-sliding-stock" target="_blank" rel="noreferrer noopener">such as Cathie Wood.</a>
Price Action: Tesla closed Thursday's session down 4.12% at $162.50, marking its lowest closing price since May 4, 2023, while Amazon gained 1.27% to $178.79, according to <a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/24/03/37724005/elon-musks-own-team-just-removed-his-clip-about-haiti-cannibalism-on-x-because-it-violated-community" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Own Team Just Removed His Clip About Haiti Cannibalism On X Because It Violated Community Guidelines</a>
Image made via photos on Shutterstock and Wikimedia Commons

Tesla Tumble Topples Elon Musk Behind Jeff Bezos And Bernard Arnault To Third On World's Richest List

With tech and AI being the top stocks, e.l.f Beauty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) has emerged as an unlikely contender, witnessing a surge in its stock price, outperforming even the most dominant players in the tech and AI sectors.
Back in 2020, if you had invested in e.l.f Beauty with the price of just one of its foundations, you&#8217;d be sitting on a remarkable $200 profit today.
E.l.f Beauty, renowned for its affordable makeup offerings found in drugstores, has experienced remarkable growth. In 2023 alone, the company reported $270.94 million in revenue, marking an impressive 84.9% surge from the previous year. Additionally, its net sales saw an 85% uptick.
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In the past five years, the stock price has increased more than 2,600%
What sets e.l.f Beauty apart is its budget-friendly pricing — where products can be snagged for under $20, with some even under $5. Many have compared e.l.f beauty products to be similar to luxury products for a fraction of the cost.&nbsp;
Additionally, e.l.f Beauty boasts a commitment to offering 100% vegan and cruelty-free products, which resonated strongly with young consumers and contributed to the brand&#8217;s success.
While the beauty industry as a whole has experienced significant growth in recent years — surpassing $579 billion — not all brands see success. Estee Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), for instance, has struggled, witnessing a 4% decline in the past five years. Despite reporting revenue of $4.28 billion in Q4 of 2023, it saw a 7% decrease from the prior year&#8217;s $4.62 billion.
Trending: Trending: Fortnite&#8217;s creator company<a href="https://www.benzinga.com/money/epic-games"> greenlights partial ownership for up to 100 accredited investors</a> in the upcoming series.
Estee Lauder Companies Inc, the parent company of brands like Clinique, M·A·C and Bobbi Brown, spans the spectrum from high-end luxury to more affordable options.&nbsp;
Yet, even within its portfolio, there are disparities in performance. While brands like M·A·C and Clinique have seen revenue growth, others like Estée Lauder, Tom Ford and La Mer have struggled to maintain momentum.
Beauty retailers such as Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>), for example, saw a comparatively modest 73% increase in its <a href="https://www.benzinga.com/quote/ULTA">stock price</a> over the same period. LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), parent company of many top luxury brands, saw a 176% increase in its stock price.&nbsp;
As the beauty industry undergoes rapid evolution and transformation, e.l.f Beauty continues to see strong success in their brand approach.
Read Next:
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<li><a href="https://www.benzinga.com/money/wind-harvest">This startup in the climate tech industry could unlock the riches</a> flowing 30 feet above your head.</li>
<li>Amid the ongoing EV revolution, previously overlooked low-income communities<a href="https://www.benzinga.com/money/dunamis-1"> now harbor a huge investment opportunity</a>.</li>
</ul>

Startups

ULTA

This Drugstore Makeup Brand's Stock Price Increased 2,600% In The Last Five Years, Beating Top Tech And AI Giants

A strong stock market in 2023 helped boost the wealth of the <a href="https://www.benzinga.com/topic/bloomberg-billionaires-index">world's richest people</a>.
However, a new report shows that most people are working longer hours for less money. 
What Happened: According to <a href="https://www.oxfam.org.uk/media/press-releases/wealth-of-five-richest-men-doubles-since-2020-as-wealth-of-five-billion-people-falls/">Oxfam,</a> the top five richest people gained 114% in wealth over the past three years. 
The five billionaires used in the report are:
<ul>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk</li>
<li>LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>)(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) CEO Bernard Arnault</li>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos</li>
<li>Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) Executive Chairman Larry Ellison</li>
<li>Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett</li>
<li></li>
</ul>
The top 10 richest people in the world <a href="https://www.benzinga.com/general/education/24/01/36454392/worlds-top-10-richest-people-gained-more-wealth-in-2023-than-walmarts-total-value-how-elon-musk">were worth $1.47 trillion</a> at the end of 2023. They added $465.4 billion to their wealth during the year. Their wealth also grew three times faster than inflation.
As Benzinga previously reported, the $465.4 billion gain by the top 10 richest people was more than the entire market capitalization of Walmart Inc, Samsung, Broadcom, Mastercard or ExxonMobil.
The wealth of the five richest people has doubled since 2020 going from $405 billion to $869 billion. Meanwhile, the wealth of the poorest 60% of the world — around five billion people — saw their wealth fall 0.2% over the same period.
The report used the wealth of the five billionaires beginning from March 2020 and going through November 2023, using the Forbes real-time billionaires list.
"If current trends continue, the world will have its first trillionaire within a decade but poverty won't be eradicated for another 229 years," the report said.
Oxfam, citing Wealth X data, showed that the world's richest 1% own 43% of all financial assets worldwide.
Related Link:&nbsp;<a href="https://www.benzinga.com/general/education/23/12/36078082/if-you-had-a-nickel-for-every-search-done-on-google-heres-how-long-it-would-take-to-equal-elon-" target="_blank" rel="noreferrer noopener">If You Had A Nickel For Every Search Done On Google, Here's How Long It Would Take To Equal Elon Musk's Wealth</a>
Why It's Important: While the rich get richer, the report highlights that people around the world are working longer hours and wages have fallen.
"These extremes cannot be accepted as the new norm, the world can't afford another decade of division," Oxfam's interim CEO Aleema Shivji said. "Extreme poverty in the poorest countries is still higher than it was pre-pandemic, yet a small number of super-rich men are racing to become the world's first trillionaire within the next ten years."
Shivji said policies on fairer taxation and support from all people globally are needed.
"Governments worldwide are making deliberate political choices that enable and encourage this distorted concentration of wealth, while hundreds of millions of people live in poverty."
Among the ideas Oxfam proposes are progressive wealth taxes, capping CEO pay and imposing new taxes on corporations. 
The report also suggests mandatory living wages paid to workers and breaking up companies that are monopolies.
While many billionaires saw their wealth increase in 2023, many are also philanthropic. Buffett and others made large <a href="https://www.benzinga.com/news/23/11/35910351/warren-buffett-donates-866m-in-berkshire-stock-to-family-charities-i-feel-good-i-am-playing-in-extra">donations to charity</a> throughout the year.
<a href="https://www.benzinga.com/news/23/12/36204657/retail-investing-peaks-in-2023-how-small-time-trading-matured-from-meme-stock-frenzy">Benzinga also shared</a> that millions of new brokerage accounts were opened in the U.S. during the COVID-19 pandemic. This suggests that more people hope to build wealth by investing in public companies.
Read Next: <a href="https://www.benzinga.com/news/23/10/35150557/the-wealth-paradox-defining-wealth-depends-on-who-you-ask-and-who-youre-asking-about">The Wealth Paradox: Defining Wealth Depends On Who You Ask, And Who You&#8217;re Asking About</a>
Image: Shutterstock, Pixabay, Canva

ORCL

Musk, Bezos, Buffett Get Richer, Rest Of World Gets Poorer: Here's A Look At Wealth Inequality Over Last 3 Years

French pharmaceutical giant&nbsp;Sanofi SA&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sny#NASDAQ">SNY</a>) is making an unconventional stride by sponsoring the 2024 Olympic Games in Paris in an effort to rejuvenate the company&#39;s image, attract a younger workforce, and showcase its&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36129169/sanofi-lays-out-ambitious-plans-to-bolster-its-pipeline-highlights-12-blockbuster-opportunities" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">commitment to diversity and innovation</a>.
Joining hands with other prominent French entities like&nbsp;LVMH-Moet Hennessy Louis Vuitton SE&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmuy#OTC">LVMUY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmhf#OTC">LVMHF</a>) and&nbsp;Carrefour SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crerf#OTC">CRERF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crrfy#OTC">CRRFY</a>), Sanofi&#39;s sponsorship reflects its aspiration to engage young professionals, particularly those in data management and data science.
Sanofi&#39;s involvement extends beyond sponsorship, backing 14 individuals in Paris, including British Paralympic swimmer Ellie Challis.
Moreover, the company plans to showcase its commitment by having over 8,000 employees participating in various roles throughout the Games, investing substantially in financial backing and internal rewards programs.
While exact figures remain undisclosed, the Reuters report speculates Sanofi&#39;s investment to be a significant portion of the overall sponsorship fees, estimated between &euro;80 million-&euro;150 million.
Industry experts like Nick Blenkarne, head of strategy at branding agency Imagination, perceive Sanofi&#39;s move as an opportunity to reshape brand perception, attract business customers, and foster a positive organizational culture.&nbsp;
However, it remains uncertain whether this sponsorship will influence investor sentiments, especially amidst Sanofi&#39;s recent financial challenges and strategic&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36086545/investor-demand-for-clarity-grows-amid-sanofis-strategic-r-d-shift" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">shifts in its business model</a>.
Price Action:&nbsp;SNY shares closed at $51.76 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Biotech

Penny Stocks

Health Care

CRERF

CRRFY

Sanofi's Olympic Endeavor: Leap Into Olympic Sponsorship Signals Cultural Transformation

Billionaire Elon Musk regained the title of world's richest person to end the 2023 year, after a move back to first place in February and<a href="https://www.benzinga.com/news/23/05/32660098/musk-back-on-top-tesla-and-twitter-ceo-overtakes-arnault-as-worlds-richest-person-but-just-barely"> again in May.</a>
Musk and the other nine richest people in the world all saw their wealth grow dramatically in 2023 thanks to a strong stock market and soaring prices of technology stocks.
Here's a look back.
What Happened: The S&amp;P 500 ended 2023 on a<a href="https://www.benzinga.com/markets/equities/23/12/36418483/s-p-500-eyes-9th-week-of-gains-longest-streak-in-2-decades-stocks-leading-the-rally"> streak of consecutive weeks</a> with positive gains, helping boost the stock prices of many large caps further to end the full year. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 was up 24% in 2023, which came after a decline of 19% in 2022. 
The soaring stock prices helped boost the wealth of the ultra-wealthy, with the top 10 richest people in the world gaining a combined $465.4 billion in wealth in 2023.
Here are the top 10 richest people in the world to close out 2023 and a look at how much their wealth increased, as reported by <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>. 
<ol>
<li>Elon Musk, Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO, $229 billion, +$92.0 billion</li>
<li>Bernard Arnault, LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>)(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) CEO, $179 billion, +$17.0 billion</li>
<li>Jeff Bezos, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder, $177 billion, +$69.9 billion</li>
<li>Bill Gates, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) co-founder, $141 billion, +$31.5 billion</li>
<li>Steve Ballmer, former Microsoft CEO, $131 billion, +$45.0 billion</li>
<li>Mark Zuckerberg, Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO, $128 billion, +$82.5 billion</li>
<li>Larry Page, Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) co-founder, $126 billion, +$43.5 billion</li>
<li>Larry Ellison, Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) co-founder, $123 billion, +$31.1 billion</li>
<li>Sergey Brin, Alphabet Inc co-founder, $120 billion, +$40.6 billion</li>
<li>Warren Buffett, Berkshire Hathaway Inc (NYSE:<a href="https://www.benzinga.com/quote/BRK-A">BRK-A</a>) (NYSE:<a href="https://www.benzinga.com/quote/BRK-B">BRK-B</a>) CEO, $120 billion, +$31.0 billion</li>
</ol>
Together the top 10 billionaires ended 2023 worth $1.47 trillion, which would rank as the sixth-largest company, with NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) currently valued at $1.22 trillion. The 10 billionaires have an average wealth of $147.4 billion.
The billionaires saw their wealth grow by an average of $46.5 billion in 2023 for a total gain of $465.4 billion. Together, the 10 richest people gained more than the market capitalization of Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>). The retail giant is valued at $424.4 billion.
Surpassing Walmart&#8217;s valuation comes as Jeff Bezos&#8217;s Amazon.com remains a dominant force in the ecommerce sector, exerting significant competitive pressure on brick-and-mortar retailers, including Walmart and similar companies.
The $465.4 billion amassed by the top 10 billionaires also exceeded the market capitalizations of major corporations like Novo Nordisk, Broadcom Inc, Samsung, Mastercard and ExxonMobil.
Related Link: <a href="https://www.benzinga.com/general/education/23/12/36078082/if-you-had-a-nickel-for-every-search-done-on-google-heres-how-long-it-would-take-to-equal-elon-">If You Had A Nickel For Every Search Done On Google, Here&#8217;s How Long It Would Take To Equal Elon Musk&#8217;s Wealth</a>
Why It's Important: The 10 richest people weren't the only ones who gained in 2023 with the top 14 richest people all adding to their wealth. Eleventh ranked Carlos Slim ended the year with a wealth of $105 billion, gaining $31.0 billion.
Outside of the top 10, Nvidia CEO Jensen Huang was one of the <a href="https://www.benzinga.com/news/23/08/34026737/heres-how-much-nvidia-ceo-jensen-huang-has-seen-his-wealth-increase-in-2023">top gainers of the year </a>with the soaring valuation of the chip stock, as its <a href="https://www.benzinga.com/news/23/05/32630114/nvidia-becomes-ninth-company-to-hit-1-trillion-market-cap-who-could-be-next-to-join-elusive-club">market capitalization topping $1 trillion</a> for the first time.
Former Binance CEO Changpeng Zhao was also a top gainer in 2023 with a wealth of $34.4 billion, gaining $21.8 billion and ending the year ranking 42nd.
Gautam Adani ended 2023 as the 15th richest person in the world, losing $36.2 billion as the biggest decliner among the world's richest people. Adani and his companies were the <a href="https://in.benzinga.com/content/33260348/gautam-adani-calls-hindenburg-report-malicious-and-deliberate-attempt-to-damage-reputation">subject of short reports</a> in 2023.
Among the world&#8217;s 30 wealthiest individuals, only six experienced a decrease in their wealth in 2023. Similarly, within the top 50 richest people globally, 11 witnessed a decline in their wealth last year.
Other decliners in the top 50 were Charles Koch, Jacqueline Badger Mars and John Mars who lost $4.63 billion, $8.16 billion and $8.16 billion respectively.
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36411924/tesla-twitter-spacex-or-dogecoin-which-musk-associated-asset-saw-highest-value-growth-in-2"> Tesla, Twitter, SpaceX Or Dogecoin: Which Musk-Associated Asset Saw Highest Value Growth In 2023?</a>
Photo: Shutterstock

GOOG

GOOGL

NVDA

World's Top 10 Richest People Gained More Wealth In 2023 Than Walmart's Total Value: How Elon Musk, Jeff Bezos And Others Fared

In a historic milestone for women in business, 70-year-old Francoise Bettencourt Meyers, the heiress to the L&#8217;Oreal fortune, has become the first woman to exceed a net worth of $100 billion.
What Happened: Bettencourt Meyers&#8217; wealth rose to a staggering $100.2 billion, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-12-28/l-oreal-heir-francoise-bettencourt-meyers-is-first-woman-to-hit-100-billion">reported</a> on Thursday. The significant increase in her wealth is primarily connected to the record-breaking shares of L'Oréal SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LRLCY#OTC">LRLCY</a>), the beauty magnate established by her grandfather, experiencing its most successful year since 1998.
Despite this considerable fortune, Bettencourt Meyers is still behind Bernard Arnault, the founder of LVMH Moet Hennessy Louis Vuitton SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), whose wealth is estimated at $179.4 billion. The thriving luxury retail sector in France has led to the creation of several ultra-wealthy families.
See Also: <a href="https://www.benzinga.com/news/23/12/36408139/marjorie-taylor-greene-labels-hunter-bidens-congressional-deposition-no-show-as-impeachable-offense?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Labels Hunter Biden&#8217;s Congressional Deposition No-Show As &#8216;Impeachable Offense&#8217;</a>
The Bettencourt Meyers family owns the majority stake in L'Oréal, roughly 35%. The company, which has a market value of €241 billion ($268 billion), has been under the management of non-family executives for multiple decades.
Following her mother&#8217;s passing in 2017, Bettencourt Meyers&#8217; fortune received a substantial boost. A legal battle over the family&#8217;s wealth became a political scandal, recently featured in a three-part documentary on Netflix.
According to Brett Cooper, an analyst at Consumer Edge Research, L'Oréal&#8217;s stock could see a further rise of around 12% in the coming year, thanks to its product range and global diversity.
Why It Matters: The rise of Bettencourt Meyers&#8217; fortune marks a significant shift in the wealth landscape, <a href="https://www.benzinga.com/general/entrepreneurship/23/01/30424327/yes-elon-musk-is-rich-and-so-is-bill-gates-but-who-are-the-wealthiest-women-in-the-wor-3">historically dominated by men</a>. In April 2023, the wealth gap between men and women has been gradually narrowing as more women assume leadership and ownership roles in companies. High-profile business figures like Elon Musk, Bernard Arnault, Gautam Adani, and Bill Gates have traditionally dominated the world's richest rankings. 
Read Next: <a href="https://www.benzinga.com/news/23/12/36381408/lincoln-project-mocks-former-president-with-trump-smells-ad-campaign-donald-is-that-you?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Lincoln Project Mocks Former President With &#8216;Trump Smells&#8217; Ad Campaign: &#8216;Donald, Is That You?&#8217;</a>
Image by nitpicker via Shutterstock
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L'oreal Heiress Francoise Bettencourt Meyers First Woman To Cross $100B Wealth Milestone

The rich have gotten richer in 2023 and Elon Musk is once again the richest person in the world after briefly being passed in 2022 and a <a href="https://www.benzinga.com/news/23/05/32660098/musk-back-on-top-tesla-and-twitter-ceo-overtakes-arnault-as-worlds-richest-person-but-just-barely">portion of 2023.</a>
Here's a look at how much the top ten billionaires are currently worth and how their wealth has increased in 2023.
What Happened: Elon Musk was passed by LVMH CEO Bernard Arnault for the title of the richest person in the <a href="https://www.benzinga.com/news/23/02/31078069/elon-musk-is-once-again-the-richest-person-in-the-world">world briefly in 2022 and 2023</a> before the Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO reclaimed the title in May 2023.
So far this year, the top 10 richest people in the world have all gotten richer thanks to a surge in stock prices. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, is up 19% year-to-date and the stocks associated with the 10 wealthiest people in the world are all up on the year.
Here's a look at the 10 richest people (as reported by <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>) in the world and how much their wealth has increased in 2023.
<ol>
<li>Elon Musk: $220 billion, +$82.8 billion</li>
<li>Bernard Arnault: $172 billion, +$10.3 billion</li>
<li>Jeff Bezos: $170 billion, +$63.1 billion</li>
<li>Bill Gates: $134 billion, +$24.3 billion</li>
<li>Larry Ellison: $131 billion, +$38.9 billion</li>
<li>Steve Ballmer: $130 billion, +$44.2 billion</li>
<li>Mark Zuckerberg: $123 billion, +$77.5 billion</li>
<li>Larry Page: $123 billion, +$40.0 billion</li>
<li>Warren Buffett: $121 billion, +$13.4 billion</li>
<li>Sergey Brin: $117 billion, +$37.3 billion</li>
</ol>
Together, the 10 richest people in the world are worth a combined $1.44 trillion, or nearly the market capitalization of Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27881697/happy-birthday-elon-musk-52-facts-and-figures-about-tesla-and-spacex-ceo-on-his-52nd-birth">52 Facts And Figures About Billionaire Elon Musk </a>
Why It's Important: The 10 billionaires have added $431.8 billion to their wealth in 2023 to date, for an average gain of $43.2 billion. This gain of wealth for the 10 individuals is more than the entire market capitalization of retail giant Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), which is valued at $420 billion, or the entire market capitalization of oil giant ExxonMobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>).
The surge in wealth comes with the stock market rebounding from 2022. A look at the Bloomberg Billionaires Index reveals that the top 18 people on the list have all added to their wealth in 2023.
Musk's wealth has increased thanks to a rise in the valuation of electric vehicle company Tesla, which has shares up 124% year-to-date in 2023.
Arnault ranks second on the list, but his $10.3 billion gained is the smallest of the ten richest individuals and comes with LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) shares up only 4% year-to-date.
Bezos ranks third on the list and is nearing second place. The Amazon founder has posted the third-biggest gain year-to-date of the 10 richest individuals, which comes with Amazon stock up 67% year-to-date.
The 55% year-to-date rise in Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shares has helped both co-founder Gates and former CEO Ballmer, who are up $24.3 billion and $44.2 billion respectively.
Ellison has moved up the top 10 list in 2023 with shares of Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) up 39% year-to-date.
Outside of Musk, the biggest gainer on the top ten list is Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) co-founder and CEO Zuckerberg. A rise of 171% in the price of Meta's stock has helped him add $77.5 billion to his wealth in 2023.
Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) co-founders Page and Brin have added $40.0 billion and $37.3 billion respectively to their wealth, with Alphabet shares up 59% year-to-date.
Legendary investor Buffett ranks ninth on the list, gaining $13.4 billion in 2023. The move comes with Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares up 17% year-to-date in 2023.
Read Next: <a href="https://www.benzinga.com/general/entertainment/23/09/34770533/elon-musk-has-so-much-money-that-printing-1-million-a-day-since-1440-cant-catch-him">Elon Musk Has So Much Money That Printing $1 Million A Day Since 1440 Can't Catch Him</a>
Photo: Shutterstock

Management

Musk And The Magnificent 9: How World's 10 Richest People Bagged $400B In 2023

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