Less than 24 hours after surpassing Elon Musk as the richest man in the world, Bernard Arnault lost a staggering $3.2 billion, dropping him back to second place on Forbes and giving Elon Musk the top spot once again.
According to estimations from Forbes, the 74-year-old business tycoon’s net worth fell to $234.1 billion, a reduction of 1.37% from his prior net worth of $236.3 billion.
The price of the company’s shares has dropped from their original value of 861 EUR to 853.80 EUR, or 1.74%. The dramatic decline in the share price of LVMH is to blame for this significant drop in wealth.
The price of the company’s shares has dropped from their original value of 861 EUR to 853.80 EUR, or 1.74%.
Bernard Arnault is in charge of the remarkable LVMH empire, which includes 75 prestigious fashion and beauty businesses, including Sephora and Louis Vuitton.
With its $15.8 billion acquisition of American jeweller Tiffany & Co., which is regarded as the greatest luxury brand acquisition in history, LVMH made news in 2021.
The holding company of Arnault, Agache, supports Aglaé Ventures, a venture capital company that has invested in well-known companies including Netflix and ByteDance, the parent company of TikTok.
The majority of 2023 saw a dramatic increase in Arnault’s wealth thanks to rising stock prices for European luxury brands.
China’s economic turmoil has also contributed to Arnault’s shifting net worth since the beginning of the month. Weak economic statistics from China hurt European markets and dampened risk sentiment as investors sought information on corporate results in the context of slowing global growth.
Arnault and Elon have consistently engaged in fierce competition for the top spot on the Forbes ranking.