...By Jack Sylva for TDPel Media.
Bernard Arnault, the 74-year-old French billionaire and CEO of Moët Hennessy Louis Vuitton (LVMH), experienced a significant setback this week as he lost $11.2 billion (R216 billion) in just 24 hours.
Despite this loss, Arnault still retains his position as the wealthiest individual globally, surpassing South Africa-born entrepreneur Elon Musk.
Elon Musk, holding the title of the second richest person in the world, possesses a net worth of $178 billion, which is $11 billion lower than Arnault’s impressive fortune of $189 billion.
Arnault’s financial decline can be attributed to a 5% drop in LVMH’s share price on Tuesday, impacting the company’s overall value.
LVMH encompasses renowned luxury brands such as Louis Vuitton, Tiffany & Co., and Christian Dior.
This decrease in stock value marks the largest setback for the company in over a year.
According to Bloomberg reports, this decline in LVMH’s stock resulted in a staggering $30 billion reduction in the European Luxury sector’s value.
It is worth noting that Musk experienced a significant decline in his own wealth following a Twitter buyout in October 2022, causing him to lose his position as the world’s richest person to Arnault.
Musk’s net worth plummeted from $340 billion to $126 billion due to this transaction.
Jeff Bezos, CEO of Amazon, currently occupies the third spot on Bloomberg’s Billionaires Index, trailing Musk by $38 billion.
As of May 25, 2023, here are the top 10 richest individuals in the world.