The net worth of the e-commerce titan was reduced by $ 760 million to $ 115.6 billion, as Amazon shares fell 0.7% last week. The nine-figure drop was enough to bring it down from first to second in the Forbes ranking of the world’s billionaires.
The richest new person on the planet is Bernard Arnault, the executive director of luxury goods giant Louis Vuitton (LVMH), says Forbes.
Arnault earned $ 1.9 billion in net worth last Friday, as LVMH shares increased 0.7%. The Frenchman is currently worth $ 117 billion, compared to $ 102 billion when he appeared on the cover of Forbes less than four months ago. “If you compare us with Microsoft, we are small,” Arnault told Forbes. “It’s just the beginning.”
Arnault is $ 7 billion richer than Microsoft co-founder Bill Gates, who is still the third richest person in the world, behind Arnault and Bezos. Gates would be richer than both men if he had not donated $ 35.8 billion, and counting, to charity during his life.
LVMH from Arnault started operating in 2020. This week, its beauty incubator, Kendo, acquired the rest of the namesake beauty brand from Kat Von D. And LVMH also bought a rough diamond the size of a tennis ball, the second largest in history, from Lucara Diamond Corp. on Wednesday, January 15, 2020. The 1,758 carat gem is a timely splurge, as LVMH made an offer of $ 16.2 billion to buy the iconic jeweler Tiffany & Co. in November.
Tiffany shareholders will vote on the agreement on February 4, 2020.