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World's Richest Man Surrenders - The Beverly Hills Hotel Saga Comes to an End

World's Richest Man Surrenders - The Beverly Hills Hotel Saga Comes to an End

  As opposed to Mr Musk and Mr Bezos who have surrendered portions of their fortunes to their ex-partners or offered shares in Amazon to their offspring, the Frenchman is determined to maintain control of his family's luxury business - an important decision considering that heritage matters in the luxury goods sector. LVMH CEO Bernard Arnault Surrenders Bernard Arnault is widely recognized as one of Europe's premier business leaders and founders of LVMH Moet Hennessy Louis Vuitton - one of the world's largest luxury products groups with brands such as Fendi, Givenchy and Dom Perignon - making an early impactful statement about globalisation identifying trends in Japan and China along with rising consumer desire for high-end goods who could afford them; insisting on quality brands even at the cost of short-term profits margins. This approach has paid dividends, with LVMH recording record revenues and profits this year. Furthermore, they invested heavily in future developments by building new stores and opening online platforms; Forbes estimates their current worth at 358 billion euros ($3776 billion). Arnault, 73, also boasts an extensive presence in the art market through his Fondation Louis Vuitton museum in Paris - known for hosting blockbuster shows featuring two artists such as Monet x Picasso or Basquiat x Warhol exhibitions - while becoming one of the leading art collectors with a personal collection worth $1 billion and investments in numerous modern master works. Arnault recently appointed Delphine Arnault as head of Christian Dior beginning February, following her executive vice presidency position with Louis Vuitton (the dominant brand within LVMH). Additional key brands belonging to LVMH include Loewe, Marc Jacobs and TAG Heuer. Economist Nicolas Bouzou notes LVMH's contributions to France are significant, citing 145,000 jobs created and approximately 36 billion euros contributed over its life, exceeding those from pharmaceutical industries combined. Plus, 75 percent of production exported via global operations. Arnault remains one of the wealthiest individuals on earth with an estimated wealth of around $191.6 billion, though his fortune continues to narrow in relation to that of American entrepreneur and founder of Amazon Elon Musk (who now boasts around an $11.2 billion gap from Arnault). Amazon CEO Jeff Bezos Surrenders Jeff Bezos spent much of his career as a private billionaire, remaining out of public view and dispensing relatively little of his fortune to charity. For years he largely shunned public scrutiny, remaining absent from events like Golden Globes or Super Bowl parties while his company became an industry giant. Now however, this period is long past; with headlines swirling about his personal life - his love affairs, extramarital affairs with former television news anchor Lauren Sanchez becoming more common place than ever. Bezos's next move serves as a stark reminder that, no matter how wealthy or generous one may be, once one reaches a certain level of prominence they will come under scrutiny. Once hidden behind closed doors at donor retreats or ultra-wealthy conclaves, billionaires now come face-to-face with reporters (not to mention IRS agents with access to tax records) more often. Furthermore, documents like Panama Papers and WikiLeaks reveal intimate details about how rich people live their lives while providing intimate details like email addresses, cellphone numbers and wealth details of those involved. Bezos announced his plans to step down as CEO later this year, with Amazon promising that Andy Jassy would take his place and that Bezos would become executive chairman instead. Bezos stated in a blog post that his focus would include early products and initiatives at Amazon as well as side projects such as Blue Origin space exploration company, his philanthropic efforts, and overseeing The Washington Post which he owns. Jassy now leads a $1.7 trillion company that is rapidly expanding, including opening a movie studio, purchasing sofa makers and building satellites that bring internet services into remote areas. But his leadership also faces activism from an unruly workforce and rising pressures for regulation. As part of their divorce settlement, MacKenzie Bezos will inherit an Amazon stake valued at roughly $36 billion, according to filings with the SEC. That would place her behind L'Oreal heiress Francoise Bettencourt Meyers and Walmart heiress Alice Walton - though still far ahead of their former spouse Jeff Bezos. Ukraine’s Richest Man Rinat Akhmetov Surrenders Media Empire A media tycoon's decision to give up his media empire could represent a radical transformation in Ukraine's approach to business. Only recently did top businessmen use media holdings as political leverage; now with full-scale war in eastern Ukraine and anti-corruption regulations oligarchs find them less useful as an avenue of political influence. Akhmetov's Media Group Ukraine is a major holding company with several television channels, such as TRC Ukraine (news) and Segodnya (lifestyle), along with Vogue Ukraine magazine publication rights and several regional channels in Donetsk (Donbass and Sigma) and Dnipro (Channel 34). Akhmetov announced via his investment firm that he has decided to donate all television licenses belonging to his network to the state, in response to implementation of law on oligarchs that requires them to transfer ownership of media assets back over to it. The primary aim of the new law is to limit the influence of Russia's wealthiest individuals; however, some analysts feel that oligarch designation is too broad and should include those with political connections as well. Vadym Novynskyi of Servant of the People Party stepped down as MP to avoid being labeled an oligarch. Akhmetov's media empire was long one of the most influential in Ukraine. He had close ties with former president Viktor Yanukovych and supported Dmytro Firtash's steel and energy holdings; but since the outbreak of war in 2014 and Russia's annexation of parts of Ukraine, his influence has declined drastically. Akhmetov's media holdings have utilized their considerable resources in the past to defend him against allegations of questionable dealings and combat negative publicity. His team of lawyers frequently contest reports they deem defamatory or scandalous; furthermore he has won multiple libel suits in London renowned for lax free speech laws.

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