Bernard Arnault’s French newspapers claim they are due payment from social media site
Europe’s richest man is suing Elon Musk’s social media network X, claiming the platform is using his newspapers’ content without paying for it.
Bernard Arnault is taking the social media site to court as part of legal proceedings jointly brought by Le Parisien and Les Echos, the French daily newspapers which are owned by his luxury empire LVMH.
The lawsuit, which is also supported by Le Figaro and Le Monde, claims the newspapers are due payment under rules that allow news outlets to receive remuneration from digital platforms for the distribution of their content.
The titles said that X, formerly known as Twitter, had never agreed to open negotiations with French news publishers, unlike Google and Facebook owner Meta.
The lawsuit, which will be heard in Paris next May, sets up a courtroom showdown between the world’s two richest men.
Mr Arnault, who heads brands including Louis Vuitton, Christian Dior and Givenchy, has traded places with Mr Musk as the world’s richest man numerous times in recent years, though the Tesla and Space X boss currently holds the title.
The French magnate’s fortune has plunged by $36bn (£28bn) so far this year to $171.5bn amid weakening demand from China for luxury goods.
Conversely, Mr Musk’s wealth has surged, particularly since the election of Donald Trump as the 47th President of the United States. The billionaire was a prominent supporter of the Republican candidate and is tipped to have a senior role in his top team. His wealth has climbed by $105.5bn this year to $334.5bn.
The legal action from Mr Arnault’s newspapers follows a ruling in their favour by a Paris judge in May.
The Paris judicial court ruled that X had two months to provide commercial data to the group of French publishers, which also included Télérama, Courrier International, Le Huffington Post, Malesherbes Publications and Le Nouvel Obs.
Source: https://www.telegraph.co.uk/business/2024/11/12/europes-richest-man-sues-elon-musks-x/