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Why the richest man in the world lost 11 billion dollars in one day

2023-05-25 07:39:25Lifestyle SHKRUAR NGA REDAKSIA VOX
Why the richest man in the world lost 11 billion dollars in one day
Bernard Arnault

An impressive amount of 11.2 billion dollars was lost in one day by the French billionaire Bernard Arnault.

The world's richest man and founder of luxury goods giant LVMH, from Louis Vuitton handbags and Christian Dior creations to Moet & Chandon champagnes, had seen his wealth rise this year as share prices in European luxury companies grew up.

But Arnaud lost some of those gains yesterday as LVMH shares fell 5% in Paris, the biggest drop in more than a year, wiping about $30 billion from the European luxury sector.

Arnaud is $11.4 billion richer than Elon Musk.

Even with the sales, Arno still has a net worth of $191.6 billion, according to the Bloomberg Billionaires Index, as he added another $29.5 billion so far this year to his assets.

The gap between Arno's fortune and Elon Musk's fortune has narrowed to just $11.4 billion.

Yesterday's drop in LVMH's share price came after a long rally in LVMH's share price. Attendees at a luxury conference in Paris hosted by Morgan Stanley pointed to a "relatively underperforming" US performance, according to Edward Auben, an analyst at the investment bank.


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