Category: Business

• Jensen Huang's 14-hour workday begins after he wakes up at 6 a.m. and exercises. 
• The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. 
• Huang often eats in the company cafeteria to connect with staff and be the "custodian of culture." 

Running a $3 trillion company comes with early morning starts — just ask Jensen Huang.

The Nvidia founder and CEO recently said that he wakes up at 6 a.m.

Huang, who's one of the longest-serving tech CEOs, starts his day by exercising before embarking on a 14-hour workday, according to The Financial Times.

Bloomberg's Billionaires Index places him as the 13th richest person in the world, with an estimated net worth of $106 billion, up $62 billion since the start of the year.

Being that rich brings its burdens, it seems. He told last year's New York Times DealBook Summit: "I don't wake up proud and confident — I wake up worried and concerned."

That's because Nvidia almost went bankrupt in the late 1990s — a memory he says is hard to shake off.

The company hit a $3 trillion valuation for the first time this week, making it only the third to reach that milestone after Microsoft and Apple. Nvidia's stock surge since the start of 2023 has been driven by demand for its chips, which are vital for AI applications.

Huang also has very high standards. In a recent interview with "60 Minutes," Huang said the description of him being "demanding, perfectionist, not easy to work for," fitted him perfectly.

Here's a look at how Nvidia's CEO spends his time and his leadership style.

Huang works holidays but finds it relaxing

At 61 years old, Huang doesn't seem to be showing signs of slowing down anytime soon and he certainly isn't workshy.

Nicolai Tangen, CEO of Norges Bank Investment Management, who interviewed Huang last year, said he asked him how much he works. On the "20VC" podcast in March, Tangen said Huang told him, "'Nicolai, there is hard work and then there's insanely hard work.'"

Tangen added that Huang said he works every weekday and every holiday, and that he relaxes all the time because he loves what he does.

In fact, he embraces a workaholic lifestyle.

"I work from the moment I wake up to the moment I go to bed. I work seven days a week. When I'm not working, I'm thinking about working, and when I'm working, I'm working. I sit through movies, but I don't remember them because I'm thinking about work."

Huang's been vocal in the past about how struggle and pain is character-building and helps to achieve greatness.

At Stripe's Sessions conference in April, Huang said some people think the "best jobs are the ones that bring you happiness all the time," but he doesn't agree with that take.

Huang thinks it takes suffering and struggle to "really appreciate what you've done."

He eats in the company cafeteria to connect with employees

Huang also takes time to talk to staff: "People are surprised how much time I spend eating in the cafeteria, whether it's lunch or dinner, people are surprised how much I spend in meetings of all kinds with all the employees."

His emphasis on communication allows him to get back to what he sees as primary role — being the "custodian of the culture."

Unlike many Big Tech CEOs, Huang thinks you can't do that if you're constantly doing press interviews.

"If you want to be the custodian of the culture you can't do it through CNN or do it via Forbes magazine articles. You have to do it 1% of the time unfortunately, or large crowds at a time, so I spend my time that way."

He has 60 direct reports

Huang is known for his engaged leadership style and has about 60 direct reports, he told the Stripe Sessions conference. He also encourages people across the company to send him the five top things on their minds.

"I don't do one-on-ones, my staff is quite large, and almost everything I say, I say to everybody all at the same time."

In his view, that helps with problem-solving and allows others to learn by giving them "equal access to information" and hearing "the reasoning of the solution," which in turn "empowers people."

Huang told Stanford School of Business that CEOs should have the most people reporting directly to them in an organization because they can help to "lead other people to achieve greatness, inspire, empower other people."

He sometimes clears his calendar to get time back

Speaking to Stanford University students in 2003, the Nvidia chief said he tried to spend his time on areas he thinks will have a long-lasting influence on the company.

"As a CEO, your time is not always yours and so you need to have the discipline to make it yours," he told them.

"I'll often come into the office and tell my admin to clear my calendar so that I can have that time back and oftentimes, you also come to the conclusion that as a CEO not sleeping is a good choice. That's always a good option, it creates more time when you don't sleep."

Huang said one area he spends time on is product planning and strategy planning, which he enjoys "a great deal."

Nvidia declined to comment.

Do you work for Nvidia? Got insights into what it's like working for Jensen Huang? Reach out to this reporter from a nonwork device at jmann@businessinsider.com

• Fiona Harvey is suing Netflix for defamation over the portrayal of a stalker in 'Baby Reindeer.'
• 'Baby Reindeer' is based on Richard Gadd's real-life experiences with a stalker during his early career.
• Harvey claims the show misrepresented her, leading to public identification and reputational damage.

Fiona Harvey, the woman who says she's the real version of the semi-fictionalized stalker on Netflix hit "Baby Reindeer," is suing the streaming giant.

Harvey, a 58-year-old Scot, filed a lawsuit on Thursday in California, seeking more than $170 million and a jury trial. She's suing over defamation and intentional affliction of emotional distress, among other points.

She did not sue creator and star Richard Gadd, who plays a fictional version of himself called Donny Dunn. "Baby Reindeer" is based on his experiences with being stalked by a woman earlier in his career, when he was trying to make it as a comedian.

In the complaint, Harvey's lawyers said the show was a "brutal lie" that brought her unwanted attention, including death threats.

"Netflix and Gadd destroyed her reputation, her character and her life," the attorneys wrote.

On- and off-screen, Netflix has repeatedly said "Baby Reindeer" is a true story.

"We intend to defend this matter vigorously and to stand by Richard Gadd's right to tell his story," a Netflix spokesperson told Business Insider.

The company has not yet filed a response to the lawsuit.

The real Martha Scott

As the show picked up viewers, armchair sleuths raced to find the "real" stalker, named Martha Scott in the show, and the man who Gadd said abused him.

In late April, Gadd asked fans not to speculate about who the real people were behind the show's characters. He told GQ he disguised the stalker's identity in the show.

"What's been borrowed is an emotional truth, not a fact-by-fact profile of someone," Gadd said.

In the lawsuit, Harvey said she was identified days after the show's April debut. Her attorneys said people found a public 2014 tweet she sent to Gadd that used a phrase repeated in the show.

Harvey's court filing outlined similarities between the stalker character and herself: a Scottish woman about 20 years older than Gadd living in London, with similar appearance and speaking patterns. Both the character and Harvey were accused of stalking a lawyer. It's unclear if that reference is to an old colleague of Harvey's, who told BI on Thursday that Harvey harassed her from 1997 to 2002.

But unlike the fictional Martha Scott, Harvey said she is not a convicted stalker, nor has she pled guilty to any crime. Her complaint said Netflix did not check any facts central to the show, including that the stalker sexually assaulted Gadd. She said she did not have any sexual encounters with the comedian.

In an interview with Piers Morgan in early May, Harvey said that while she may have emailed Gadd, it was nowhere near the 40,000 messages he said the stalker sent him. She denied harassing Gadd and said she knew him from when she was bartending in London.

• HSBC and BlackRock have written off their investments in once-hot Indian tech company Byju.
• The Indian education tech giant is facing legal and financial troubles.
• Investors, including Prosus, are trying to remove CEO Byju Raveendran.

In another blow to education tech giant Byju's, HSBC and BlackRock have both slashed their valuations of the once-hot company down to zero in recent months.

In 2022, the education tech company said it raised $800 million at a $22 billion valuation.

BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, TechCrunch reported.

BlackRock invested in Byju's parent Think & Learn through various funds, all of which appear to have written off the investment in recent filings.

HSBC similarly cut its valuation to zero in late May, local outlet Business Standard reported on Thursday. Per the outlet, HSBC estimated that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's.

The valuation drops come after several legal and financial problems for the Bengaluru-based company.

Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries over a $1.2 billion loan. The company also cut the salaries of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 reported on Thursday.

Byju's investors, including Prosus, are seeking the removal of its CEO, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.

The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.

Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.

The company planned to go public through a SPAC deal in 2022, which did not ultimately pan out.

Byju's and BlackRock did not immediately respond to requests for comment.

• Once passed off as a relic that made only conventional arms, Hanwha Aerospace is returning to the spotlight.
• Bloomberg reported that the South Korean firm builds howitzers up to thrice as fast as its competitors.
• The outlet's surging arms exports underscore a global push to restart manufacturing for older arms.

A South Korean weapons manufacturer that traditionally specialized in older, less advanced armaments is seizing on demand for 155mm howitzers by producing them faster than the West.

Hanwha Aerospace can build its K9 self-propelled howitzer in about six months at $3.5 million apiece, Bloomberg reported, estimating the company to be two to three times as fast as its competitors.

By comparison, French supplier Nexter was estimated to take about 30 months to deliver its Caesar self-propelled howitzer. However, it was reported in early January to have reduced the wait time by half.

That tracks with estimated production times for other Western firms restarting howitzer manufacturing, though other factors, such as sourcing materials, may cost them additional time.

The US uses the M777 howitzer, built by British company BAE Systems. In January, the firm said it expected to reopen production of the artillery platform for new US Army orders and would deliver an initial tranche next year.

German manufacturer KNDS Deutschland is also expected to resume production of its self-propelled PzH 2000 howitzer, with parts from Rheinmetall. In June, it said it would deliver the first howitzers by mid-2025.

Bloomberg reported that Hanwha's advantage comes from a streamlined production process that it's kept running as big Western defense contractors turned to more advanced weaponry years ago.

Hanwha Aerospace CEO Son Jae-il told Bloomberg: "We focus on the middleweights, self-propelled guns, armored vehicles, tanks. In these, we're already globally competitive."

That class of weapon "is the stuff that Lockheed Martin and Boeing don't do," Yoon Sukjoon, a senior fellow at the Korea Institute for Military Affairs, told the outlet.

South Korean law prohibits defense contractors from exporting weapons to active combat zones. But Hanwha is finding business outside Ukraine.

Its customers include Poland, which officiated an order for 679 of the K9 howitzers in July 2022, and Romania, which was reported in April to be looking into its first defense contract with South Korea for $725 million.

According to Bloomberg, Hanwha's annual revenue from arms exports has jumped 11 times to $1.1 billion since the war in Ukraine began.

In September, Hanwha factory workers in Changwon told Agence France-Presse that the facility had expanded production three times after Russia invaded.

That growth underscores a worldwide push to revitalize conventional arms manufacturing as global tensions worsen and major militaries send their inventory to Kyiv.

The US, for example, has begun driving up production of its 155mm shells from 10,000 rounds a month to a goal of 100,00 a month by 2025.

South Korea's defense contractors have emerged as significant industry players, making the country the world's 10th biggest arms exporter, per the Stockholm International Peace Research Institute.

According to SIPRI, the country held a 2% share of the global defense export market from 2019 to 2023, about 12% higher than the five years prior.

• Narendra Modi is prime minister again, but now his allies can start making demands of him.
• These difference-makers want Cabinet positions and special funding, The Guardian and Reuters reported.
• It's a stark change from when Modi won easily in previous elections without needing his allies.

As Indian Prime Minister Narendra Modi assembles his next government, the calculus clearly differs from his last 10 years in power.

Small political factions allied with his party, the Bharatiya Janata Party, have become vital to his hold on India's leadership. Tuesday's election result revealed that Modi would not have secured a simple majority in parliament had they not joined his cause.

It's a humbling moment for the BJP, which, in the last two elections, easily achieved a simple majority without the need for its allies.

This year, it fell 32 seats short of the 272 parliamentary seats necessary to win. The rest of its coalition, the National Democratic Alliance, pulled Modi through with another 52 seats, meaning a desertion of several allied parties could turn the tide of the election.

And don't they know it. Now increasingly dubbed the "kingmakers" by international media, these smaller factions are jockeying for important concessions such as Cabinet positions and special status for their states.

Two major players here are the Telugu Desam Party and Janata Dal (United) Party, which hold 16 and 12 seats, respectively. Modi's alliance would have only achieved 265 seats, seven below the majority mark without them.

Both parties are known to have switched loyalties before and only joined forces with Modi in the months before the 2024 election.

Reuters reported on Thursday, citing two anonymous sources, that the Telugu Desam Party is seeking federal funds to complete irrigation projects in the state of Andhra Pradesh and construction for its capital.

The Guardian's South Asia correspondent Hannah Ellis-Petersen reported that the party also demands five Cabinet positions and the position of parliamentary speaker.

Meanwhile, the Janata Dal (United) party is asking for three Cabinet seats, per Ellis-Petersen.

That would drastically change Modi's government's composition, which had all Cabinet positions filled by BJP members.

Local outlet The New Indian Express reported on Friday that the BJP was already considering dropping some of its previous Cabinet ministers, particularly out of a pool of 19 who lost big in their elections this year.

There are about 50 portfolios to be filled, but ministers often take multiple positions or share responsibilities, meaning a typical Cabinet is just below 30 members.

Still, Ellis-Petersen wrote that the BJP has set boundaries on what can be demanded.

It is said to be refusing to entertain that any key posts in defence, finance, home affairs and external affairs, or indeed transport, highways and railways, would go to anyone other than its own ministers.

Modi has so far secured the assent of his allies, who collectively declared this week that they would form a new government under him.

Yet the haggling for loyalties is new territory for Modi's leadership, potentially marking a new era in how decisively he can project his vision over the country.

He didn't have long to negotiate, either. Modi has already tendered his resignation to India's president and is expected to be sworn in for his third term over the weekend.

The prime minister has campaigned heavily on India's rising status in the global economy and promised to turn the country into the world's manufacturing hub. He had boldly projected for the BJP to win 350 seats, with his coalition earning about 400 this year.

With his election victory far less decisive than expected, the Indian stock market posted its worst day in four years.

One of the major concerns from voters has been a surge in joblessness, particularly among young Indian graduates. India's unemployment rate was 8.1% in April, up from 7.4% in March, per the Centre for Monitoring Indian Economy.

• Steve Bannon must start serving his four-month prison sentence by July 1, a judge ruled.
• Bannon was convicted in 2022 of contempt of Congress for defying a January 6 Committee subpoena.
• Bannon plans to appeal to the Supreme Court, claiming the Justice Department cannot silence him.

Steve Bannon, a staunch ally of former President Donald Trump, must start serving his four-month prison sentence by July 1, a district judge in Washington DC has ruled.

The former Trump chief strategist was found guilty in 2022 of two charges of contempt of Congress after he failed to appear for a January 6 House Committee hearing and refused to hand over documents related to Trump's efforts to overturn the 2020 election.

Bannon, 70, was initially given a stay of his prison term by US District Judge Carl Nichols, a Trump appointee, as the Breitbart veteran appealed his conviction.

But a federal appeals court upheld the original sentence in early May, and now Nichols says it's time for Bannon to serve his time.

"I do not believe the original basis for my stay exists any longer," Nichols said on Thursday, per The Associated Press.

Bannon told reporters outside the courthouse that he plans to bring his appeal to a higher court.

"I've got great lawyers, and we're going to go all the way to the Supreme Court if we have to," he said.

The right-wing podcaster slammed the "entire Justice Department," saying the institution would not be able to "shut up Trump" and his allies.

"There's not a prison built or a jail built that will ever shut me up," Bannon added.

His looming prison sentence comes as Peter Navarro, another close Trump ally, surrendered in March to serve his four months in prison for also refusing to comply with a congressional subpoena.

Bannon, who was for about seven months Trump's chief strategist and senior counsel at the White House, previously declared he would be willing to go to jail for the former president.

If he starts serving his sentence on July 1, his four-month sentence would last until just before the presidential elections on November 5.

• Elon Musk recently admitted on X that he delayed a shipment of thousands of Nvidia chips for Tesla.
• Musk also hopes that Tesla investors will vote to reinstate his massive stock options package.
• Several Tesla shareholders who have urged against the pay package say he still doesn't deserve it.

Several institutional shareholders of Tesla told Business Insider that Elon Musk's decision to redirect a shipment of valuable Nvidia chips away from the EV company is further proof the CEO doesn't deserve a multibillion-dollar pay package.

In May, a group of eight Tesla shareholders wrote a letter urging other investors to vote against Musk's compensation package. The group is just one faction of a growing number of investors who said they plan to vote against the deal.

This package, now roughly worth $46 billion, was struck down in January by Delaware Chancery Court Chancellor Kathaleen McCormick, who said that the process to reach this "unfair price" for Musk was "deeply flawed."

Tesla shareholders will vote on June 13 on whether to reinstate Musk's deal.

But less than two weeks ahead of the shareholder vote, CNBC reported that Musk diverted a $500 million shipment of Nvidia chips, which are essential for powering artificial intelligence technology, away from Tesla and to his social media platform X instead.

The internal memo from Nvidia indicating Musk's delay of the Nvidia chips procurement was from December, CNBC reported — months before the April earnings call in which the Tesla CEO insisted the automaker is an AI company. He also stated in the call that he would aggressively expand the number of Nvidia chips at Tesla from 35,000 to 85,000 units by the end of 2024.

In response to the CNBC report, Musk said on X that "Tesla had no place to send the Nvidia chips to turn them on, so they would have just sat in a warehouse."

"The south extension of Giga Texas is almost complete. This will house 50k H100s (Nvidia chips) for FSD training," Musk added, referring to Tesla's Full Self-Driving feature — a key component of the company's promise to deliver autonomous taxis.

But some of the shareholders behind the effort to strike down Musk's big payday are not convinced.

"The diversion of Nvidia's processors to X and xAI is just another example of Tesla's CEO reallocating Tesla's resources in favor of his other businesses and treating Tesla as though it is his own coffer as a result of the lack of oversight by Tesla's board," Tejal Patel, the executive director of SOC Investment Group, wrote in an email to BI.

Patel added: "The key questions are why were these valuable processors 'just sitting there' in the first place, and if it was an operational issue, why was that not foreseen by management? Whatever decision-making there was for the processors to go unused by Tesla would have been up to CEO Musk."

Musk did not respond to a request for comment from Business Insider.

SOC Investment Group is one of the eight shareholders that co-signed a letter urging investors to vote against the ratification of Musk's stock options package and against the reelection of Musk's brother, Kimbal, and James Murdoch for seats on Tesla's board.

The group — made up of pension fund managers, an asset management firm, and a bank — also includes Amalgamated Bank, AkademikerPension, Nordea Asset Management, New York City Comptroller Brad Lander, SHARE, Unison, and United Church Funds.

In a statement to BI, Lander wrote that Musk's decision to divert Nvidia chips away from Tesla "should be a "red flag to investors."

"This sudden move adds to the growing concerns about Musk's commitment to Tesla and highlights his glaring conflicts of interest," he wrote. "There is a pressing need at Tesla for a genuinely independent board that will ensure Musk prioritizes company interests."

Matthew Illian, the director of responsible investing for United Church Funds, similarly criticized Musk's move to delay the shipment of Nvidia chips, stating that it was "further evidence" that the pay package "never achieved its purpose of maintaining the attention of Tesla's CEO."

"This is all about Elon building an empire for himself with investor money and we can't let this happen," he wrote in an email to BI.

It's not immediately clear how much Tesla stock the eight shareholders own altogether.

Five of the eight shareholders, including Amalgamated Bank, Unison, Nordea, the New York City Retirement System, and United Church Funds, represent more than 4.9 million shares of Tesla stock.

As of Thursday, those shares are worth more than $878 million.

Spokespersons for SHARE, Nordea, and Unison could not be reached for comment or did not immediately respond for comment.

In addition to the eight shareholders, the California Public Employees' Retirement System (CalPERS), which owns about 9.5 million shares of Tesla stock, signaled it would vote against Musk's pay package.

"We do not believe that the compensation is commensurate with the performance of the company," CalPERS CEO Marcie Frost told CNBC.

A CalPERS spokesperson declined to comment when asked about Musk's decision to divert the shipment of Nvidia chips.

• LVMH boss Bernard Arnault is currently the world's richest person. 
• Arnault has five children — and they all work across LVMH and its brands. 
• On Friday, Frédéric, one of Arnault's sons, was named head of one of the holding companies that controls LVMH.

Luxury goods mogul Bernard Arnault is the world's richest person.

Bernard Arnault's fourth child has been named head of one of the family's holding companies that control luxury giant LVMH.

Frédéric Arnault, a 29-year-old, was also appointed to the LVMH board alongside his brother Alexandre in April. Those additions mean four out of Arnault's five children now sit on the LVMH board.

Arnault is currently the world's richest person with a net worth of about $215 billion, according to estimates by Bloomberg. In 2023, he became only the third person to surpass the $200 billion mark, following tech moguls Jeff Bezos and Elon Musk.

Arnault cofounded LVMH in the 1980s and is its CEO and chair. The French luxury conglomerate owns a range of brands covering fashion, perfume, jewelry, watches, and alcohol, including Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, Fenty Beauty, and Tiffany & Co.

In February 2023, Arnault's daughter, Delphine Arnault, became CEO of Dior. But it's not just Delphine who has risen up LVMH's ranks. All four of Bernard's sons work at LVMH and its brands, too.

Bernard, 75, has not said who he wants to take over from him, but it's a topic that gets discussed every time he gives one of his offspring a new role. In 2022 LVMH raised the age limit of its CEO from 75 to 80, extending Bernard's possible tenure.

"The best person inside the family or outside the family should be one day my successor," Bernard told The New York Times in September. "But it's not something that I hope is a duel for the near future."

Bernard has primed his children for leadership roles at the company since birth, though they say he never forced them to join LVMH. His offspring were sent to the best schools and as children would get quizzed on their math skills nearly every night, The Times reported.

"I didn't want them to start going to big parties," Bernard said of his children. "I made them work."

The Arnault family has been compared to HBO series "Succession," which sees the children of media mogul Logan Roy vying to take over as CEO.

"I know it's disappointing for a lot of people," Antoine Arnault, Bernard's oldest son, told The Times, "but we actually get on well."

Delphine and Antoine already sit on LVMH's board, leaving only Jean — the youngest of the siblings — off the board.

His oldest child — and only daughter — is the CEO of Dior.

Delphine, born in 1975, is the eldest of Bernard's five children, and his only daughter.

She started her career at McKinsey, where she spent two years as a consultant before moving to designer John Galliano's company.

Delphine worked at Christian Dior Couture as its deputy managing director from 2008 to 2013, before spending a decade as an executive vice president of Louis Vuitton, LVMH's biggest brand.

She started as the CEO and chair of Dior in February 2023.

Delphine sits on LVMH's board of directors and is a member of its executive committee — only the second woman to join it, and its youngest member when she joined it at 43.

Antoine is the CEO of LVMH's parent company.

Antoine is Bernard's oldest son, born in 1977. Like Delphine, Antoine was born to Bernard's first wife, Anne Dewavrin.

Antoine started working at LVMH in 2005 in its advertising department. Two years later, he was appointed director of communications at Louis Vuitton, where he launched campaigns with public figures ranging from Angelina Jolie and Bono to Muhammad Ali and Mikhail Gorbachev.

In December 2022, Antoine was appointed CEO of Christian Dior SE, the holding company the family uses to control LVMH. He's also the non-executive chair of cashmere label Loro Piana.

Antoine became an LVMH board member in 2006 and has been the company's head of image and environment since 2018.

Alexandre became an executive VP at Tiffany & Co. after LVMH bought the jeweler.

Alexandre was born in 1992, Bernard's first son to his second wife, Helene Mercier, and is an executive vice president at Tiffany & Co.

After interning in New York at McKinsey and KKR, Alexandre moved to his father's retail empire, where he worked on digital innovation.

"I was obviously raised to be in the group," Alexandre told The New York Times in 2018, adding that it was ultimately his choice to work at LVMH and that he turned down offers from McKinsey and KKR.

Alexandre spent about four years as the CEO of German luggage brand Rimowa after reportedly persuading his father to buy an 80% stake in it in 2016. During his time at the helm, he revitalized Rimowa — including launching collaborations with Supreme and Off-White.

After LVMH bought Tiffany & Co. for $15.8 billion in 2020, Alexandre became executive vice president of product and communications at the jewelry maker at just 28 years of age.

Former President Donald Trump said in February 2023 that he had hosted Alexandre and his wife for dinner at Mar-a-Lago. "He is a young man on the move, the son of one of the great businessmen and leaders in Europe, and in the World," Trump wrote of Arnault.

Frédéric is head of one of the family-holding companies controlling LVMH

Frédéric, born in 1995, now heads one of the Arnault holding companies that controls LVMH.

Arnault's fourth child, will replace Nicolas Bazire as managing director of Financière Agache, the company said on Thursday.

The promotion is the 29-year-old's third this year. In April, he joined the luxury brand's board along with his brother Alexandre and in January, he became the CEO of LVMH watches.

After interning at McKinsey and at Facebook's AI research unit, and a brief period running a mobile payment startup, Frédéric quickly moved up the ranks at LVMH.

He joined the company full-time in 2017 as the temporary head of connected technologies at Swiss watchmaker TAG Heuer. Just a year later, he became TAG Heuer's director of strategy and digital. In 2020, he was named the brand's CEO at the age of 25. The role involved managing over 2,000 people and starting a "complete transformation" of the company.

The New York Times reported that Bernard had groomed Frédéric to become TAG Heuer's leader from the start, though this wasn't entirely smooth sailing. Stéphane Bianchi, who was CEO of TAG Heuer before Frédéric and tasked with training his successor, told the newspaper they clashed "everywhere" at the start.

In his time running the company, Frédéric focused on connected watches, orchestrated a shift from wholesale to retail, grew its e-commerce sales, and negotiated a partnership with Porsche.

Frédéric was appointed head to a new role running LVMH's watches division in January. In that role, he oversees TAG Heuer, Hublot, and Zenith.

Bernard's youngest son, Jean, is a director in Louis Vuitton's watches division.

Jean is Bernard's youngest son, born in 1998. He has a master's in financial mathematics from MIT and another in mechanical engineering from Imperial College, London, according to the Financial Times.

As a student, he interned at both Morgan Stanley and McLaren Racing and had a short stint at a Louis Vuitton retail store in Paris, according to his LinkedIn profile.

Jean became the marketing and development director of Louis Vuitton's watch division in August 2021 at the age of 23, just months after he graduated. He's now the brand's watches director.

Jean told the FT that his older brother Frédéric's work at TAG Heuer had sparked his interest in watchmaking.

"We have a close relationship and he started talking to me about the new watches and all the different things he was working on," Jean said. "I was fascinated. And that's really the turning point."

Jean told The New York Times in November 2022 that he still turns to his older brother Frédéric for work advice.

• A couple in Kansas City gave their daughter a lump-sum of $20,000 to spend on her wedding.
• Instead, she spent the money on buying a home, and she and her fiancé paid for their own wedding.
• Mike said it all worked out and that he thinks his daughter learned about budgeting in the process.

When Mike's daughter got engaged, he and his wife wanted to help pay for it.

Mike, who asked Business Insider to only use his first name for privacy reasons, estimated that a wedding in the Kansas City area would cost between $15,000 and $25,000 at the time, which was around 2015.

Mike and his wife decided they could put $20,000 towards the wedding, but they knew wedding spending can get out of hand and that emotions tend to run high during the planning process.

So instead of working closely with their daughter on her wedding plans and talking through each potential cost, they came up with a straightforward solution: give her and her fiancé a lump sum of $20,000 and let them do all the planning.

"I didn't want to be telling my daughter what she could and couldn't do," he said. "She was an adult."

Mike said the strategy took the pressure off him and his wife and helped avoid any wrestling over who was buying what or what his daughter could and could not have at her own wedding. He also said it helped him and his wife contribute the amount they wanted without going over budget by adding on things here and there.

In 2023, the national average cost of a wedding was $35,000, according to The Knot, while the average cost in Kansas was $25,000. Still, most couples end up going over their budget. A Real Weddings Study by The Knot found 56% of couple spent an average of $7,600 more on their wedding than they planned. Others exceeded their budget by more than $10,000.

While tradition typically has the bride's family primarily paying for a wedding, those customs are changing, especially as Americans get married later in life and are more able to take on their own wedding costs. A 2023 study from The Knot found it's more common for couples and their families to split the costs equally.

Mike, his wife, their daughter, and her fiancé were all happy with the lump-sum agreement.

"Then they kind of tricked me," he said, laughing. "One day, they came home and said, 'Hey, we bought a house.'"

The couple took the $20,000 and used it to put a down payment on their home — before they actually had their wedding, which they then planned to pay for out of their own pocket.

Initially, Mike was surprised, but ultimately, he thought it was a good thing that his daughter and her fiancé paid for their own wedding.

"If kids are not given carte blanche on wedding plans, if they're forced to budget from their own standpoint, the whole thing just doesn't get out of hand," he said.

The couple held the wedding at the rose garden in Loose Park, a large public park in Kansas City, and at a popular reception hall. Mike said everything about the wedding seemed reasonable but that he never learned what they ended up spending.

"I never asked," he said.

If the couple had used the money for a down payment and then eloped, Mike said that may have bothered him. But as long as he and his wife were still able to attend their daughter's wedding, they were happy.

"I figured I got off for a reasonable amount of money for the wedding, and they got a down payment on a house out of the deal and a wedding," he said.

Mike said he thinks too many people get caught up on the lavish weddings they see on TikTok, but that it can take away from the "whole point of having a wedding, which is to have a marriage."

He also said that he thinks by helping them learn how to budget their money for a wedding, it was also a good step towards learning how to budget in a marriage.

Mike's wife did end up giving their daughter a bit more money in the end, which he thinks was for something having to do with her dress.

"She snuck it in," he said, laughing. "She couldn't resist."

Have a news tip or a story to share about the costs of throwing a wedding or being in a bridal party? Contact this reporter at kvlamis@businessinsider.com.

• Summer camp costs these days start long before little ones leave home, The Wall Street Journal reported. 
• Some families with disposable income are shelling out for pre-camp packing services.
• Others are using laundry services to outsource the post-camp unpacking haul.

The cost of sleep-away camp — like nearly everything else these days — is on the up and up.

But the staggering $15,000 price tag on some elite summer camps doesn't account for the hundreds, sometimes thousands of dollars parents are now paying to prep and pack their kids beforehand, according to a new Wall Street Journal report.

Some families are opting to outsource the pre-camp headache of checking off their children's packing list and the post-camp slog of sorting through laundry, The Journal reported this week.

Camp costs these days start racking up long before the little ones hit the canoes. Many camps send out detailed packing lists, some of which include more than 100 items that parents are encouraged to procure for their campers, the outlet reported.

Last year, a mother of two wrote for Business Insider about the massive summer camp packing list that ran her nearly $5,000 after she secured the recommended 15 pairs of shorts, 15 shirts, 16 pairs of socks and underwear, multiple pairs of shoes, several towels and swimsuits, various jacket options, and two sheet-sets per kid.  

Some camps go even further, suggesting kids come with brand-name camp chairs, decorative pillows, and outfits in multiple color options for end-of-camp "Color Wars," according to The Journal.

Oh, and everything a child brings to camp in 2024 should be labeled or monogrammed. Duh.

For many families with disposable income, outsourcing is the solution

Beth Leffel, a Boca Raton mother, turned to Denny's, a children's boutique with stores in New York, New Jersey, and Florida, the first summer she sent her daughter to camp, she told The Journal.

The boutique boasts personal shoppers who work one-on-one with families, going item by item on each packing list to supply the necessary goods. Spencer Klein, whose family owns the business, told the outlet that the average first-time camper spends anywhere from $1,500 to $2,000 at Denny's.

After dropping about $2,000 at Denny's and $250 at Party City the first year, Lefell told the outlet she now searches for deals and dupes of more expensive items.

Natalie Liberman, another Boca Raton-based mom, told The New York Post last year that she spent nearly $5,000 making sure her seven-year-old daughter was set with rainbow merch and monogrammed clothing items ahead of summer camp. 

Personalized camp wares are the new status symbols, and influencers and online retailers have wasted no time capitalizing on the new trend, the outlet reported in June 2023. 

Jody Geller, a Florida mother of two, started an online store in 2018 where she customizes camp gear, including $86 pillows and $38 water bottles. Geller told the Post she often has orders that exceed $1,000. 

The services don't stop there

Once the required items have been procured, some parents call in professional organizers to finish the packing ordeal.

Dara Grandis, a mother of three in Manhattan, hired Meryl Bash, a professional organizer, to get her kids' luggage ready for seven weeks away at summer camp, she told The Journal.

Bash offers an array of camp-related services, including making sure everything on the packing list is included, weeding out last year's clothes that no longer fit, and supplying packing tape, storage cubes, and bags, according to the newspaper. Bash charges $125 per hour for packing days, plus $100 per hour for an extra packer, The Journal reported.

Once the summer is over and young campers make their way back home, some families opt to outsource the post-camp laundry haul, as well, turning to businesses like First Class Laundry Services in West Palm Beach, Florida.

For $225 per trunk, the laundry company will pick up a camper's luggage, wash and fold everything inside, and return the clean goods to parents' front door, The Journal reported.

Are you sending your kids to summer camp this year? We'd love to hear from you about the costs and process. Contact reporter Erin Snodgrass at esnodgrass@insider.com to share your stories.