Monday, 17 June 2024

World wealthiest man loses $11 billion in one day


Bernard Arnault, founder, chairman and CEO of the Louis Vito Group, lost $11 billion of his fortune in one day. After the luxury goods sector was affected by concerns about slowing growth in the United States.

Bernard Arnault, who is considered the richest person in the world, lost 11.2 billion dollars of his wealth in one day due to fears that the weakness of the US economy will weaken the demand for luxury goods.

The founder of Louis Vuitton – whose offerings include Christian Dior handbags and dresses – had his fortune swelled for most of 2023 as European luxury stock prices soared.

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LVMH shares fell 5% in Paris – the biggest drop the company has seen in more than a year – amid a broader downturn that wiped out $30 billion from the European luxury sector.

Even with the sale, the French billionaire still has a net worth of $191.6 billion, according to the Bloomberg Billionaires Index. It has added $29.5 billion so far this year. The gap between the fortunes of Arno and Elon Musk, CEO of Tesla, the second richest person in the world, has shrunk to only $11.4 billion.

It is worth noting that Bernard Arnault is a French billionaire and businessman. He is the founder, chairman and CEO of the Louis Vuitton Group, which specializes in selling luxury goods, which consists of seventy international luxury brands and brands, including Louis Vuitton, Dior, Fendi and Sephora.