Elon Musk and his mother lunch with Bernard Arnault in Paris
Elon Musk, the CEO of Tesla, SpaceX, and Twitter, had a high-profile lunch in Paris on Friday with Bernard Arnault, the CEO of luxury conglomerate LVMH. Musk’s mother, Maye Musk, also joined the lunch along with two of Arnault’s sons. The lunch took place at the five-star hotel Cheval Blanc, which is part of the LVMH portfolio.
Arnault, who is worth $197 billion according to the Bloomberg Billionaires Index, was recently demoted to the number two spot on the list of the world’s richest people. This came after the value of LVMH shares fell 5% in Paris, causing a significant hit to Arnault’s fortune. The dip in Arnault’s wealth allowed Musk to regain the number one spot, as his net worth currently stands at $229 billion.
The purpose of the lunch and the topics of discussion remain unknown. However, it is worth noting that LVMH brands are known for their significant investments in social media marketing, particularly on platforms like Twitter, Instagram, and TikTok. In fact, it is estimated that LVMH’s portfolio spent €9.5 million ($10.38 million) on social media marketing in 2022.
Musk is currently in Paris to speak at the Viva Technology event, an annual gathering organized by ad agency Publicis Groupe SA and LVMH-owned financial paper Les Echos. The event features a lineup of high-profile speakers, including Marc Benioff, CEO of Salesforce, Larry Summers, former US Secretary of the Treasury, and Jessica Sibley, CEO of TIME magazine. Tickets for the four-day event start at €620 ($678).
While Musk’s personal wealth is not a concern, his social media venture, Twitter, has been facing financial challenges. Since Musk acquired the platform for $44 billion in October, Twitter’s finances have been struggling. The company is reportedly being evicted from its office in Boulder, Colorado, for not paying rent for the past two months. It is also behind on nearly $100,000 in cleaning fees at its other offices in Colorado. Additionally, Twitter is facing litigation in San Francisco over $136,260 in unpaid rent.
Twitter has also experienced a significant drop in ad revenue, with a 59% decrease in US ad revenue. Advertisers have become increasingly concerned about the platform’s future under Musk’s leadership and have shifted their marketing dollars elsewhere. This has led to Twitter falling short of its sales projections and facing financial difficulties.
In other news, Maye Musk, Elon Musk’s mother, recently walked the runway as a model in British Vogue and LuisaViaRoma’s “Runway Icons” show in Milan, Italy. Maye, who is 75 years old, has had a successful career as a model and continues to make waves in the fashion industry.
FAQs:
Q: Why did Elon Musk and Bernard Arnault have lunch together in Paris?
A: It is unclear why the two billionaires had lunch together, as the purpose of the meeting and the topics of discussion have not been disclosed.
Q: What is LVMH?
A: LVMH is a luxury conglomerate that owns about 75 luxury brands, including Louis Vuitton, Tiffany & Co., and Christian Dior. Bernard Arnault is the CEO and controlling shareholder of LVMH.
Q: Who is the world’s richest person?
A: As of now, Elon Musk holds the title of the world’s richest person, with a net worth of $229 billion.
Q: What is Viva Technology?
A: Viva Technology is an annual gathering hosted by ad agency Publicis Groupe SA and LVMH-owned financial paper Les Echos. The event features high-profile speakers and showcases technological innovations.
Q: What challenges is Twitter facing under Elon Musk’s ownership?
A: Twitter has been struggling financially since Musk acquired the platform. The company has been evicted from its office in Boulder, Colorado, for not paying rent and is facing litigation over unpaid rent in San Francisco. Twitter has also experienced a significant drop in ad revenue, leading to financial difficulties.
Elon Musk and His Mother Join Bernard Arnault for Lunch in Paris
The world’s two wealthiest individuals, Elon Musk and Bernard Arnault, recently enjoyed a luxurious lunch together in Paris. Musk, accompanied by his mother, Maye Musk, dined with Arnault and two of his sons, Antoine and Alexandre, at the prestigious five-star hotel Cheval Blanc, which is part of Arnault’s LVMH portfolio. As the CEO and controlling shareholder of LVMH, Arnault oversees approximately 75 luxury brands, including well-known names such as Louis Vuitton, Tiffany & Co., and Christian Dior. Currently valued at $197 billion, Arnault was recently bumped down to the second position on the Bloomberg Billionaires Index after his fortune suffered an $11.2 billion hit due to a 5% drop in LVMH shares in Paris.
This dip in Arnault’s wealth opened the door for Musk, who reclaimed the top spot just a few weeks ago when LVMH’s stock slid even further on May 31. With a total net worth of $229 billion, the 51-year-old Tesla CEO, SpaceX boss, and Twitter owner now sits at the pinnacle of the billionaire rankings. While in Paris for a tech conference, Musk and Arnault came together for this exclusive luncheon, during which the details of their conversation remain unknown. However, it is worth noting that LVMH brands are notorious for spending significant amounts on social media marketing across platforms such as Twitter, Instagram, and TikTok. In fact, in 2022, LVMH’s portfolio is estimated to have spent around €9.5 million ($10.38 million) on social media marketing, according to Statista data.
Antoine, one of Arnault’s sons and an active social media user, shared a photo on Instagram, showcasing the billionaire moguls on the rooftop of the hotel. Captioning it, “THE picture,” Antoine hinted at the significance of this momentous gathering. The picture also included family members, such as Maye Musk, Elon’s 75-year-old mother, who had recently strutted down the runway for British Vogue and LuisaViaRoma’s “Runway Icons” show in Milan just two days prior. Musk traveled to the French capital to attend the Viva Technology event, an annual conference organized by ad agency Publicis Groupe SA and LVMH-owned financial paper Les Echos. Musk is among a distinguished lineup of high-profile speakers, including Salesforce CEO Marc Benioff, former US Secretary of the Treasury Larry Summers, and TIME boss Jessica Sibley. Tickets for the four-day event, which runs from June 14-17, start at €620 ($678 USD).
While Musk’s personal finances remain secure, his social network venture, Twitter, faces financial difficulties. Since Musk acquired the platform for $44 billion in October, Twitter’s financial situation has been dire. Reports suggest that the company is being evicted from its office in Boulder, Colo., due to unpaid rent for the past two months. Additionally, Twitter is behind on nearly $100,000 in cleaning fees at its other Colorado offices, according to a complaint filed in May. Facing litigation in San Francisco over $136,260 of unpaid rent, the company’s financial troubles continue to mount. Advertisers have also begun shifting their marketing dollars away from Twitter, fearing potential chaos under Musk’s leadership. Consequently, Twitter has experienced a significant 59% drop in US ad revenue, a significant portion of its profits. The struggling company has consistently fallen short of its sales projections, sometimes by as much as 30%, and the situation is not expected to improve anytime soon. Furthermore, Twitter has incurred billions in interest expenses on a $13 billion loan, with approximately $600 million going toward capital expenditures. The company is also being asked to pay an additional $100,000 in back wages to eleven former janitors who claim they were terminated in violation of labor laws.
Despite these challenges, it remains crucial to stay focused on the topic and provide a comprehensive coverage of the subject at hand.