The difference with Elon Musk has narrowed to only $11 billion
Bernard Arnault, the richest man in the world, lost $11.2 billion of his fortune in one day, due to fears that the US economy will dampen demand for luxury goods.
The LVMH founder’s wealth, whose brands include Louis Vuitton, Christian Dior and many other luxury goods, swelled for most of 2023 as stock prices of European luxury companies soared.
But with the US federal funds running out date approaching, and no final agreement on the debt ceiling being reached, stocks fell on Tuesday, and consumed a large part of Arnault’s gains, as LVMH shares fell by 5% in Paris – the largest decline per share in more than a decade. From a year ago – amid a broader downturn that wiped out about $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. He added $29.5 billion to his fortune so far this year, according to what was seen by Al Arabiya.net.
Although “Elon Musk” lost more than two billion dollars of his fortune yesterday, Tuesday, following the collective declines in stock markets, the gap between him and Arno narrowed to only 11.4 billion dollars.
Analysts at Morgan Stanley and Deutsche Bank predicted that demand for luxury goods in the United States will decline with expectations of slower growth, even if an agreement is reached regarding the debt ceiling.
2023-05-24 04:43:00
#Riches #richest #man #world #loses #billion #wealth #day
