Europe’s richest man, Bernard Arnault, takes legal action against Elon Musk's X!

Several top French media groups, including two owned by billionaire Bernard Arnault, have filed a lawsuit against the social media platform X, alleging that it republished their content without compensation.

Arnault’s publications Les Echos and Le Parisien, joined by Le Figaro, Le Monde, Courrier International, Huffington Post, and Le Nouvel Obs, issued a statement on Tuesday announcing a joint legal action against X, the company formerly known as Twitter and now helmed by U.S. billionaire Elon Musk.

The media groups accuse X of violating "neighboring rights," a rule under European law that requires social media platforms to pay for news content when it is redistributed. This regulation, which has been enacted in France, is designed to ensure media outlets are compensated for the use of their work on digital platforms.

Arnault, the founder and CEO of luxury conglomerate LVMH, is Europe’s wealthiest man, with a net worth of approximately $164 billion—despite a recent decline due to a slowdown in the luxury market. His influence in France extends beyond luxury goods, with significant investments in real estate, entertainment, and media.

This legal battle may place Arnault on a collision course with Musk, currently the world’s richest man with a fortune exceeding $319 billion, which has surged alongside Donald Trump’s recent election victory.