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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. 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.

LVMH-MOET H/L/V UNSP/ADR by LVMH-Moet Hennessy Louis Vuitton

Lvmh Moet Hennessy Louis Vuitton SE

In a significant market downturn since President Donald Trump announced new tariffs worldwide, the world&#8217;s wealthiest individuals have seen their fortunes shrink by $74 billion.
What Happened: The market turmoil following Trump&#8217;s sweeping tariffs led to a considerable loss in wealth for the top 10 richest people globally. The S&amp;P 500 experienced a near 5% drop,&nbsp;the Dow lost 1,679 points,&nbsp;and the Nasdaq composite plunged&nbsp;6%.
Elon Musk, who has been facing public backlash for his association&nbsp;with the White House DOGE&nbsp;office and subsequent boycotts against&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), saw his net worth decrease by $11 billion. Musk&#8217;s wealth is primarily tied to his stake in Tesla.
Similarly, Jeff Bezos,&nbsp;the founder and executive chairman&nbsp;of&nbsp;Amazon&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), suffered a $15.9 billion reduction in his wealth.&nbsp;Meta&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FB#NASDAQ">FB</a>)&nbsp;Mark Zuckerberg&nbsp;lost $17.9 billion amid criticism over the rollback of fact-checking on Meta platforms.
Other billionaires who felt the impact include&nbsp;Warren Buffett&nbsp;of&nbsp;Berkshire Hathaway&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>),&nbsp;Bernard Arnault&nbsp;of LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>),&nbsp;Bill Gates,&nbsp;Larry Ellison&nbsp;of&nbsp;Oracle&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>),&nbsp;Larry Page&nbsp;and&nbsp;Sergey Brin&nbsp;of&nbsp;Alphabet&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and former Microsoft CEO&nbsp;Steve Ballmer.
Why It Matters: The significant loss in wealth for these billionaires underscores the far-reaching impact of Trump&#8217;s tariffs on the global economy. 
The market downturn not only affects the world&#8217;s richest but also has potential implications for average investors and the broader economy. 
The tariffs, intended to protect domestic industries, have sparked market chaos and uncertainty, leading to significant financial losses for some of the world&#8217;s most influential business leaders.
Shutterstock: Nmorguelan

News

Markets

AMZN

GOOGL

LVMUY

ORCL

TSLA

$74 Billion Wiped Out Since Tariff Declaration — See How Much The Billionaires Lost

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk tops a group of five business moguls expected to become the world's first trillionaires within a decade, highlighting the accelerating concentration of wealth, according to a new Oxfam report released Monday.
What Happened: The report, &#8220;Takers Not Makers,&#8221; shows billionaire wealth grew by $2 trillion in 2024 alone, with Musk&#8217;s net worth reaching $433.9 billion. 
Trailing Musk on Forbes&#8217; billionaire list are Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos at $239.4 billion, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) chief Mark Zuckerberg at $211.8 billion, Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) founder Larry Ellison at $204.6 billion, and LVMH Moet Hennessy Louis&#8216; (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) Bernard Arnault at $181.3 billion on Forbes&#8217; top list of billionaires.
The acceleration of wealth accumulation has been dramatic, with billionaire fortunes growing three times faster in 2024 compared to 2023. The report reveals that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections rather than entrepreneurship.
&#8220;The pace of wealth concentration has reached unprecedented levels,&#8221; says Chiara Putaturo, Oxfam EU tax expert. &#8220;While billionaire wealth is exploding, most of this wealth is not earned but inherited.&#8221;
Read Next: <a href="https://www.benzinga.com/markets/equities/25/01/43078622/nvidia-exec-contrasts-elon-musks-optimism-says-fully-autonomous-cars-not-close-and-wont-hit-roads-until-next-decade">Nvidia Executive Contrasts Elon Musk&#8217;s Optimism On Fully Autonomous Cars, Says Milestone Won&#8217;t Be Achieved Until Next Decade: &#8216;It&#8217;s Super Hard&#8217;</a>
Why It Matters: The findings highlight concerning market dynamics, with monopolistic control playing a significant role. Amazon commands 70% or more of online purchases in major European markets, while tech platforms&#8217; market dominance continues to grow.
This wealth expansion contrasts sharply with broader economic indicators. The World Bank reports that nearly 3.6 billion people still live below the $6.85 poverty line, a number virtually unchanged since 1990. The report suggests that without intervention, this wealth gap could continue to widen, potentially affecting market stability and economic growth.
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Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Elon Musk, Jeff Bezos, Mark Zuckerberg Among Those In Race To Become First Trillionaires, Oxfam Warns Of Growing Wealth Inequality

The <a href="https://europeancapitalinsights.substack.com/p/us-dollar-drops-on-report-of-trump?r=3nmatg" target="_blank" rel="noreferrer noopener nofollow">US dollar has had a volatile start </a>to the week, sparked by a report that President-elect Donald Trump's tariff plan may shift. 
The US dollar index fell 0.8% to 108.1 on Monday, then pared losses after Trump denied a Washington Post <a href="https://www.washingtonpost.com/business/2025/01/06/trump-tariff-economy-trade/" target="_blank" rel="noreferrer noopener nofollow">report</a>. The newspaper <a href="https://www.washingtonpost.com/business/2025/01/06/trump-tariff-economy-trade/" target="_blank" rel="noreferrer noopener">reported </a>that Trump may scale back his plans for widespread tariffs when he returns to the White House on January 20.
<img loading="lazy" decoding="async" width="624" height="432" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd_RGvHuitxxEnhHBiJrmZ-kncDNXMvANjtEtMWQDLP3OfXPKdyryWrQ7eDEc-MlPxPSvrEiO9wxwvjUaA-3i_ErL0ctVqYGChWPYYM5ge_Y3G2Ec3YEVRcEdH5BEeCib4Oxc0SkQ?key=8BnLmCWTfgOqaBXXQhelQTxZ" />
US Dollar Index, Monday, January 6 Session, Source: <a href="https://tradingeconomics.com/united-states/currency">Trading Economics</a>
Citing people familiar with the matter, the newspaper reported that Trump's aides are exploring tariff plans that would be applied to every country but only cover critical imports. This would mark a significant shift from his presidential campaign plans.
Trump, though, denied the newspaper's reporting on <a href="https://truthsocial.com/@realDonaldTrump#:~:text=The%20story%20in%20the%20Washington%20Post%2C%20quoting%20so%2Dcalled%20anonymous%20sources%2C%20which%20don%27t%20exist%2C%20incorrectly%20states%20that%20my%20tariff%20policy%20will%20be%20pared%20back.%20That%20is%20wrong.%20The%20Washington%20Post%20knows%20it%27s%20wrong.%20It%27s%20just%20another%20example%20of%20Fake%20News" target="_blank" rel="noreferrer noopener">Truth Social</a>. 
"The story in the Washington Post, quoting so-called anonymous sources, which don&#8217;t exist, incorrectly states that my tariff policy will be pared back," he wrote on his social media platform. "The Washington Post knows it&#8217;s wrong. It&#8217;s just another example of Fake News."&nbsp;&nbsp;
<h2 class="wp-block-heading">US Dollar Reacts to Trump Tariff Plans</h2>
The reporting fueled uncertainty about one of Trump's key policy proposals. In response, the dollar declined sharply against most major currencies.
The Bloomberg Dollar Spot Index (BBDXY), which measures the value of the US dollar relative to other major global currencies, ended the session 0.6% lower on Monday. After the publication of the Washington Post article, the index lost 1%, marking the largest <a href="https://www.bloomberg.com/news/articles/2025-01-06/dollar-falls-most-in-two-months-on-report-trump-to-limit-tariffs" target="_blank" rel="noreferrer noopener">intraday drop since 2023</a>. 
Meanwhile, <a href="https://www.bloomberg.com/news/articles/2025-01-06/dollar-falls-most-in-two-months-on-report-trump-to-limit-tariffs" target="_blank" rel="noreferrer noopener">the euro gained 1.3%</a> the same day against the US dollar (EUR/USD), the common currency's largest intraday gain in 14 months. The British pound (GBP/USD rose as much as 1%.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="832" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2.png" alt="" class="wp-image-4571" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-300x208.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-1024x710.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-768x532.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
US Dollar Index vs. EURUSD vs. GBPUSD, Monday, January 6 Session, Source: <a href="https://tradingeconomics.com/united-states/currency">Trading Economics</a>
The initial loss in the dollar was "an outsized reaction to an unverified report, but it does show the direction of travel,"Kathleen Brooks, the director of research at XTB, told Bloomberg. "We've had a large buildup of dollar longs and they are at risk of a turnaround."
<h2 class="wp-block-heading">Trump Tariff Plans Go Back to 2024</h2>
During his 2024 presidential campaign, Trump vowed to<a href="https://www.piie.com/blogs/realtime-economics/2024/no-trade-tax-free-trumps-promised-tariffs-will-hit-large-flows" target="_blank" rel="noreferrer noopener"> impose 10-20% tariffs</a> on all imported goods, with tariffs as high as 60% on Chinese products. After his election win in November, he threatened to impose additional tariffs of 10% on Chinese goods and 25% on all imports from Mexico and Canada.
With Trump's aim to raise US revenues, he will likely go ahead with some of his tariff plans. He may threaten to use them until he gains the upper hand in trade negotiations.
"Members of Congress are getting to work on one powerful Bill that will bring our Country back," Trump said. "It will all be made up with tariffs, and much more, from countries that have taken advantage of the US."&nbsp;&nbsp;
A Bloomberg Economics <a href="https://www.bloomberg.com/news/articles/2025-01-06/trump-keeps-keeps-his-negotiating-powder-dry-with-tariff-turmoil" target="_blank" rel="noreferrer noopener nofollow">study</a> suggests that higher tariffs could lead to increased inflation and a decline in US GDP. By 2028, US GDP could shrink by 0.8% if only China retaliates. If other countries impose tariffs, US economic growth could slow to 1.3%. 
Trump&#8217;s tariff could hurt global economic growth and drive up consumer prices, particularly if other governments retaliate.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="768" height="791" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image.png" alt="" class="wp-image-4569" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image-291x300.png 291w" sizes="(max-width: 768px) 100vw, 768px" /></figure>
Trump's Tariff Increases to Impact Poorest Americans, Source: <a href="https://itep.org/trump-tariffs-tax-increase-impact/">ITEP</a>
<h2 class="wp-block-heading">Trump Tariff Plans Target Critical Sectors</h2>
The dollar had strengthened amid expectations that Trump will impose tariffs on the US&#8217;s major trading partners. This <a href="https://europeancapitalinsights.substack.com/p/dovish-ecb-drives-7-eurusd-drop-in?r=3nmatg" target="_blank" rel="noreferrer noopener">put pressure</a> on other currencies. 
However, the dollar could weaken from a tariff program focused solely on sectors deemed critical to national or economic security. This would have a lesser effect on the global economy and US inflation than a broader tariff approach.
According to The Washington Post, it remains unclear which imports or industries might be targeted by tariffs. However, preliminary discussions have centered on sectors considered vital to national or economic security.&nbsp;
These could include the defense industrial supply chain, critical medical supplies, and energy production.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="768" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1.png" alt="" class="wp-image-4570" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-300x192.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-1024x655.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-768x492.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
Critical Sector Tariffs Forecast to Weigh on Dollar, Source: <a href="https://www.corpay.com/resources/market-analysis/market-brief-potential-dilution-in-trump-tariff-plans-pummels-dollar">Corpay</a>
The uncertainty of Trump tariffs and whether his administration will target Europe's auto sector led to a near 3% surge in the Euro Stoxx Automobiles &amp; Parts <a href="https://stoxx.com/index/sxagt/">index</a>. Europe&#8217;s <a href="https://stoxx.com/index/sxxp/">STOXX 600</a> closed 0.9% higher alongside France&#8217;s <a href="https://www.marketwatch.com/investing/index/px1?countrycode=fr">CAC 40</a>, up 2.2%, and Germany&#8217;s <a href="https://stoxx.com/index/dax/">DAX</a> up 1.5%.
Some of Europe's major luxury brands also gained from the optimism of more selective tariffs. LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), Hermes (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>), and Kering (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PPRUY#OTC">PPRUY</a>) all rose over 2%.
European markets overall closed higher on January 6, driven by investor optimism that US tariffs might be less severe than initially feared. However, speculation surrounding the incoming administration&#8217;s agenda will likely be accompanied by heightened market volatility.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

Eurozone

HESAY

PPRUY

US Dollar Drops on Report of Trump Tariff Plan Shift

The French government collapsed on Wednesday following a successful no-confidence vote, throwing France, the eurozone&#8217;s second-largest economy,<a href="https://www.cnbc.com/2024/12/04/french-government-toppled-in-no-confidence-vote-brought-by-opposition.html"> into political turmoil.</a>&nbsp;
The Details: The motion passed with 331 votes, far exceeding the required 288, as lawmakers from both the leftist New Popular Front (NFP) alliance and the far-right National Rally (RN) united in opposition.&nbsp;
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The historic vote was triggered after Prime Minister Michel Barnier used special constitutional powers to force a social security budget bill through Parliament without a vote.
Barnier, who had been in office for just three months, will now have to resign, marking the shortest tenure for a prime minister in France&#8217;s Fifth Republic.
Why It Matters: The government&#8217;s fall complicates France&#8217;s efforts to address its budget deficit and implement planned spending cuts and tax increases.&nbsp;
French President Emmanuel Macron must face the challenge of appointing a new prime minister, with the political landscape remaining divided until the next possible legislative elections in summer 2025.&nbsp;
Barnier is expected to resign immediately and Macron is supposed to ask him to continue as a &#8220;caretaker&#8221; prime minister while looking for a replacement. 
Investors can monitor the market's reaction to the political turmoil through the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) which provides targeted exposure to the French economy. The ETF's top holdings include 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>), TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) and Schneider Electric SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBGSY#OTC">SBGSY</a>).&nbsp;
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</ul>
Photo: Shutterstock

Government

Specialty ETFs

Politics

Global

LVMHF

SBGSY

French Government Collapses After Vote Of No Confidence

French Prime Minister Michel Barnier faces a critical vote of no confidence tomorrow (Dec. 4) after invoking Article 49.3 to pass a controversial 2025 austerity budget <a href="https://www.benzinga.com/topic/france">without parliamentary approval</a>.
The move, designed to address France's soaring deficit with $42 billion in spending cuts and $21 billion in tax hikes, has polarized the fractured National Assembly. Marine Le Pen's National Rally and the leftist New Popular Front have united in opposition, calling for Barnier's ouster. In on interview on TV today, Barnier warned that if the motion succeeds, millions of French citizens could face economic instability, including rising interest rates and tax hikes, <a href="https://www.theguardian.com/world/live/2024/dec/03/france-no-confidence-motion-government-budget-michel-barnier-latest-updates">per</a> the Guardian.
A failure to secure support would result in Barnier's government being the shortest-lived in modern French history, he only took office in September, further destabilizing the eurozone. President Emmanuel Macron would then need to appoint a new prime minister to navigate the <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">deeply divided parliament</a>.
France has often been a volatile market for foreign companies, but its size, manpower, favorable geographical position, and pole position in global tourism have made it a lucrative economy.
The following publicly listed companies have exposure to the French economy.
McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) has been operating in France since 1972. Since then, it has grown into a network of 1,485 restaurants — the most in Europe — generating billions in revenue. However, the franchise got caught evading taxes after a trade union asked the company to raise wages and introduce profit-sharing bonuses. Eventually, the firm <a href="https://drupal-cloudfront.benzinga.com/news/22/06/27724606/mcdonalds-agrees-to-settle-french-tax-case-for-1-3b-wsj">paid a $1.3 billion fine</a>.
Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) opened its resort in Paris in 1992, growing it into one of the top attractions in Europe. Around 16.1 million tourists visited the park in 2023, generating $343 million in profits. The park is the largest single-site employer in the country, with 17,000 workers — making it prone to strikes that last occurred in 2023. Despite its popularity, the park has been a problematic part of Disney's portfolio and is often a drain on its resources.
IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) has a long-standing relationship with France as one of the IT pioneers that expanded overseas seeking foreign talent.  Nowadays, IBM has over 7,000 employees in the country, working on technology services, cloud computing, AI and digital transformation solutions for businesses.
Carmaker Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) has a vital presence in the country, owing to its origins in the French PSA Group. It is the fourth largest automotive firm by sales, managing established brands like Citroen, Peugeot and DS Automobiles. Stellantis currently has five operating factories in different regions, producing at least 14 different models.
For investors monitoring broad exposure to domestically incorporated French companies there is iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>). It holds 60 largest French companies, including market leaders such as LVMH Moet Hennessy Louis Vuitton SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), Schneider Electric, TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) and Airbus SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>).
Read Next:<a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration"> </a> • <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">South Korea ETFs, Won Pare Losses As Yoon Makes U-Turn On Martial Law Declaration</a>

Photo: Shutterstock

Large Cap

European Aeronautic Defence And Space Unsponsored

EADSY

STLA

Key Stocks, ETF To Watch As French Government Faces No-Confidence Vote

The luxury market is at a critical turning point, with a clear divide emerging between legacy brands and aspirational players, according to Maurits Pot, <a href="https://www.benzinga.com/general/biotech/24/07/39656549/exclusive-glp-1-weight-loss-drugs-could-become-a-trillion-dollar-market-predicts-tema-etfs-ceo">CEO of Tema ETFs</a>.
In an exclusive interview with Benzinga, Pot emphasized that high-end brands like Hermès International SA (OTCPK: HESAY) and Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) — supported by loyal, affluent clients — are set to outperform, while more aspirational names such as LVMH-Moët Hennessy Louis Vuitton (OTCPK: LVMUY) and Burberry Group plc (OTCPK: BURBY) face greater vulnerability due to shifting consumer behavior and economic slowdowns in key markets like China and Europe.
&#8220;Luxury is going for a turnaround, and we're seeing a greater differentiation between true luxury and aspirational brands,&#8221; Pot said. 
With a number of companies underperforming — particularly LVMH, which recently reported disappointing results — Pot highlighted that these outcomes aren&#8217;t surprising given macroeconomic headwinds.
Pot stressed that investors should now focus on a clear divide between high-end brands and those catering to more discretionary spending.
<h3 class="wp-block-heading">China&#8217;s Stimulus Won't Save Luxury Outlook</h3>
When discussing the impact of Chinese fiscal stimulus, Pot expressed skepticism. He indicated that while there was initial excitement around potential boosts for the market, the real beneficiaries of government spending are likely to be industries more central to China&#8217;s economic priorities.
&#8220;I think the luxury sector got a premature boost from the China stimulus,&#8221; Pot said, &#8220;but ultimately not a boost that is really warranted.&#8221; 
He stressed that the Chinese government will likely prioritize domestic consumption over high-end international luxury, raising doubts about a meaningful rebound in Chinese-driven demand.
<h3 class="wp-block-heading">India: The Next Growth Driver For Luxury?</h3>
Another pressing topic was whether India could fill the gap left by slowing Chinese demand. Pot hinted that India's emerging middle class and growing economic power could be the next growth story.
&#8220;As China slows, does Indian luxury demand replace waning Chinese demand? That's a key question for 2025,&#8221; Pot added, pointing to India&#8217;s growing presence in the luxury space, with brands like Dior investing heavily in the market.
&#8220;2024 will likely be a tough year for the luxury sector,&#8221; Pot stated, &#8220;but I think there&#8217;s reason to believe that 2025 could look better, especially if India continues to emerge as a key luxury market,&#8221; he added.
<h3 class="wp-block-heading">Tariffs And The U.S. Election: Potential Impacts On Luxury</h3>
Looking ahead to the U.S. elections, Pot shared his thoughts on tariffs and their potential impact on luxury. While tariffs haven't directly targeted luxury goods yet, he noted the possibility of indirect consequences, especially for industrial goods like cars. 
&#8220;I think tariffs are going to focus on industrial output before consumer goods, but luxury could get caught up in it eventually,&#8221; he added.
<h3 class="wp-block-heading">Holding Cash For Dip-Buying Opportunities</h3>
Pot also shared insights into how Tema Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUX#NYSE">LUX</a>) is positioned to weather the luxury sector shifts. 
&#8220;Nearly 20% of the portfolio is in cash,&#8221; he revealed, explaining that the fund remains cautious, particularly toward discretionary luxury, which has been hit harder than high-end, timeless brands like Ferrari, Hermès, and Compagnie Financiere Richemont SA (OTCPK: CFRUY). 
&#8220;We&#8217;re overweight on really high-end luxury, and underweight on more discretionary luxury,&#8221; he said.
Now Read: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41386234/strong-september-retail-sales-put-feds-next-move-in-doubt-interest-rate-cuts-are-">Strong September Retail Sales Put Fed&#8217;s Next Move In Doubt: Interest Rate Cuts Are &#8216;Not A Slam Dunk&#8217;</a></li>
</ul>
Image: Shutterstock

Asia

Mid Cap

Econ #s

Interview

ETFs

BURBY

CFRUY

RACE

EXCLUSIVE: Luxury Is 'Going For A Critical Turnaround,' Tema ETF CEO Says

<a href="https://www.wsj.com/business/retail/louis-vuitton-owner-lvmh-misses-revenue-expectations-63575f3d?mod=latest_headlines" title="https://www.wsj.com/business/retail/louis-vuitton-owner-lvmh-misses-revenue-expectations-63575f3d?mod=latest_headlines">https://www.wsj.com/business/retail/louis-vuitton-owner-lvmh-misses-revenue-expectations-63575f3d?mod=latest_headlines</a>

Earnings

LVMH 9M Organic Growth 6%; 9M Revenue €60.8 Billion; Q3 Revenue Of €19.08B Vs €20.33B Est; Organic Revenue Down -3% Vs +2% Est; Fashion And Leather Goods Revenue At €9.15B Vs €9.82B Est; Organic Revenue For Fashion And Leather Goods Declines -5% Vs +4% Est

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk is the world's richest person and has watched his wealth climb in 2024 despite the price of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Tesla stock falling.</a>
A prediction market allows bettors to wager on if Musk will remain the world's richest man at the end of the year.
What Happened: The title of the world's richest man has changed hands several times over the last years, with Musk the <a href="https://www.benzinga.com/general/education/24/06/39547388/happy-birthday-elon-musk-53-facts-and-figures-about-tesla-spacex-ceo-on-his-53rd-birthday">most frequent billionaire</a> to top the list.
Musk <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">regained the title </a>last year from LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) CEO Bernard Arnault who had held the title. Musk also briefly <a href="https://www.benzinga.com/news/24/03/37473160/jeff-bezos-overtakes-elon-musk-reclaims-worlds-richest-person-title-as-wealth-soars-to-200b">lost the title </a>earlier this year to Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos.
The current richest people in the world list looks like this, as reported by <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a>, with their year-to-date change in parentheses:
<ol>
<li>Elon Musk: $255 billion (+$25.7 billion)</li>
<li>Jeff Bezos: $210 billion (+$32.7 billion)</li>
<li>Mark Zuckerberg: $207 billion (+$78.5 billion)</li>
<li>Bernard Arnault: $190 billion (-$17.3 billion)</li>
</ol>
The list also includes NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang at 11th with a wealth of $118 billion. Huang's year-to-date gain of $73.8 billion trails only Zuckerberg for best 2024 performance.
Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) co-founder and Chief Technology Officer Larry Ellison has also been listed in the top five richest people and <a href="https://www.benzinga.com/startups/24/09/40922366/oracles-larry-ellison-briefly-became-wealthier-than-jeff-bezos-heres-how-his-fortune-outpaced-amazon">even passed Bezos </a>for second place briefly last month.
A prediction market on Kalshi allows people to bet on who will be the richest person at the end of 2024. Here are the current <a href="https://kalshi.com/markets/wealthy/wealthiest-person-in-world">odds</a>:
<ul>
<li>Elon Musk: 82%</li>
<li>Larry Ellison: 11%</li>
<li>Mark Zuckerberg: 10%</li>
<li>Jeff Bezos: 6%</li>
<li>Bernard Arnault and Family: 2%</li>
<li>Jensen Huang: 2%</li>
</ul>
The odds favor Musk by a significant margin to retain the title, which comes with Tesla shares down 10% in 2024.
Significant gains for Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Oracle have helped move Zuckerberg and Ellison respectively up the list and likely are why their odds are higher than Bezos and other names that often come close to topping Musk.
You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: Kalshi is one of several prediction markets that have been allowing wagers on financial outcomes and also elections. The company recently <a href="https://www.benzinga.com/news/24/09/40760283/betting-on-u-s-elections-federal-judges-decision-greenlights-political-wagers">resumed accepting bets </a>on the 2024 election after a federal appeals court lifted a prior ban that came as the Commodity Futures Trading Commission (CFTC) contested the markets.
The Kalshi market for the world's richest person in the world has over $72,000 in wagers, which may pale in comparison to some election prediction markets.
A title of richest man in the world has been something often talked about and a title that for many marks accomplishment and success of the companies they founded or helped run.
The 10 richest people in the world at the end of 2023 <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>, adding $465.4 billion to their wealth, more than the valuation of retail giant Walmart at the time.
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<li><a href="https://www.benzinga.com/general/education/24/09/40686893/elon-musk-is-so-rich-that-if-you-printed-1m-a-day-since-the-renaissance-you-still-wouldnt-catch">Elon Musk Is So Rich That If You Printed $1M a Day Since The Renaissance, You Still Wouldn&#8217;t Catch Up</a></li>
</ul>

Management

NVDA

Elon Musk To End Year As Richest Man In The World? Prediction Market Says Yes, Higher Chance Than Larry Ellison Or Jensen Huang

<a href="https://www.wsj.com/business/retail/lvmh-took-over-the-paris-olympics-now-its-snagged-formula-one-b570c0f4?mod=latest_headlines">https://www.wsj.com/business/retail/lvmh-took-over-the-paris-olympics-now-its-snagged-formula-one-b570c0f4?mod=latest_headlines</a>
PARIS—For just over a month this summer, the <a href="https://www.wsj.com/market-data/quotes/FR/XPAR/MC">LVMH</a> <a href="https://www.wsj.com/market-data/quotes/FR/XPAR/MC">MC 0.48%increase; green up pointing triangle</a> luxury empire turned the Paris Olympics and Paralympics into one long exercise in product placement. As the roughly 150-million-euro sponsor of the Games, the company made sure it was everywhere, from an eye-popping cameo of Louis Vuitton trunks in the Opening Ceremony to the Chaumet-manufactured medals around athletes' necks.
Now LVMH has its next target in sports. Starting next year, the company led by luxury titan Bernard Arnault will leap on the global resurgence of Formula One with a 10-year sponsorship deal that will put LVMH brands front and center of motor racing's premier traveling circus.&nbsp;

Contracts

FWONA

FWONK

'LVMH Took Over the Paris Olympics. Now It's Snagged Formula One; From Louis Vuitton trophy cases to Moët & Chandon on the podium, Bernard Arnault's luxury conglomerate pulls out the stops in a sign of F1's global ascendence'- WSJ

Asset Sales

LVMH Announces That It Has Sold Off-White LLC, Company Which Owns Off-White Brand, To Bluestar Alliance; Terms Of The Transaction Are Not Being Disclosed

Bernard Arnault, the CEO of LVMH Moët 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>), has seen his net worth drop by $54 billion, moving him from the world&#8217;s richest person to nearly fifth place.
What Happened: Arnault&#8217;s fortune peaked at $231 billion in March, placing him ahead of Elon Musk and Jeff Bezos on the Bloomberg Billionaires Index. However, his net worth has since fallen to $177 billion as of Wednesday&#8217;s close.
This significant drop makes Arnault the biggest wealth loser among the top 500 individuals on Bloomberg&#8217;s list, with a $30 billion decrease this year alone. He is now only $1 billion ahead of Larry Ellison, co-founder of Oracle.
Forbes&#8217; rankings also reflect this decline, showing Arnault&#8217;s net worth at $175 billion, placing him behind Musk, Bezos, Ellison, and Mark Zuckerberg.
The decline in Arnault&#8217;s wealth is largely due to a 16% drop in LVMH&#8217;s stock price, which has hit its lowest level in two years. The company has faced challenges, including a mere 2% increase in underlying revenues and an 8% drop in income from recurring operations in the first half of the year.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40989179/meta-connect-2024-preview-cheaper-vr-expected-analysts-see-augmented-reality-and-ai">Meta Connect 2024 Preview: Cheaper VR Expected, Analysts See Augmented Reality And AI As Major Focus</a>
Why It Matters: The dramatic decline in Arnault&#8217;s net worth underscores the volatility in the luxury goods market. This comes after a series of strategic moves by Arnault and LVMH to navigate market challenges. In August, Arnault invested <a href="https://www.benzinga.com/news/24/08/40480056/king-of-luxury-bernard-arnault-goes-ai-shopping-channelling-over-300m-in-ai-startups-as-lvmh-navigat">over $300 million in artificial intelligence startups</a> through his family office, Aglaé Ventures.
Earlier this year, Arnault&#8217;s son set his sights on <a href="https://www.benzinga.com/markets/equities/24/02/36927006/bernard-arnaults-son-sets-sights-on-30b-watch-market-with-high-end-reinvented-pieces-after-lvmh-">the $30 billion luxury watch market</a>, launching a new division within LVMH to capture a larger share of this lucrative sector. The company&#8217;s jewelry and watch division recorded sales of $11.8 billion in 2023, representing a 7% organic growth, according to IMARC Group.
Additionally, Arnault has been involved in high-profile discussions with industry leaders like Musk. In July, Arnault revealed that he and Musk once discussed a potential collaboration between SpaceX and Louis Vuitton, highlighting the <a href="https://www.benzinga.com/news/24/07/39997764/elon-musk-bernard-arnault-once-discussed-potential-spacex-louis-vuitton-collab-im-afraid-he-will-ask">innovative approaches that he considers</a>.
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Image Via Shutterstock 
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>

Musk, Bezos, Ellison, And Zuckerberg Skip Ahead Of Bernard Arnault In Billionaire Rankings After LVMH CEO's Wealth Takes A $54B Dip: What Happened?

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. 
Did You Know?
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</ul>
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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</ul>
Image created using artificial intelligence via Midjourney.

Entertainment

Education

Sports

MSFT

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

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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40457722">Gold &#8216;Is Getting Its Moment In The Sun&#8217; And Experts Say The Record High Prices Could Climb Even Higher: Here&#8217;s The Case For Even More Glittering Gains</a></li>
</ul>
Photo courtesy of Lucara.

General

LUCRF

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.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40431747/trump-vs-harris-new-polls-indicate-a-shift-in-the-political-landscape-and-this-candidate-is-taking-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Harris: New Polls Indicate A Shift In The Political Landscape And This Candidate Is Taking The Lead</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Media

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.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That&#8217;s Not How Crypto Works&#8217;</a></li>
</ul>
Image Via Shutterstock 
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>

CHDRY

LVMH's Dior Faces Scrutiny Over Delayed UK Supply Chain Disclosures And Outdated Certifications

Small Cap

Trading Ideas

AVTR

COIN

DXCM

Market Momentum: Your Weekly Financial Forecast

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:
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<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

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>

Sector ETFs

HESAF

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.

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