French billionaire Bernard Arnault in 2024, at an event organized a few days before the opening of the Olympic Games in Paris, PHOTO: Fabrice Coffrini / AFP / Profimedia
French billionaire Bernard Arnault, the founder and CEO of luxury goods giant LVMH, was the world’s richest man just half a year ago, but has now fallen to fifth place in ranking of the planet’s super-rich after a major decline in its fortunes, he reports Business Insider.
At the end of March, the Bloomberg group estimated Arnault’s fortune at 231 billion dollars, a large amount that put him in front of famous billionaires such as Elon Musk and Jeff Bezos.
But the French billionaire’s fortune has since fallen by $54 billion to $177 billion before the US stock market closed last week.
The head of LVMH Moët Hennessy Louis Vuitton has now surpassed the ranking of the richest billionaires not only with Musk ($ 265 billion) and Bezos ($ 215 billion), but also with Mark Zuckerberg ($ 200 billion) and Larry Ellison ($178 billion), the co-founder and head of Oracle, who recently did conflicting opinions on mass research with the help of artificial intelligence.
By early 2024, Arnault’s fortune has fallen by $30 billion, making him the biggest loser from stock market fluctuations among the 500 billionaires included in the Bloomberg ranking.
The Forbes ranking, which uses a slightly different approach, tells a similar story: on March 8, Arnault was the richest man in the world with a fortune of $233 billion, and he -now dropped to 5th, with 167 billion.
The situation is the result of the depreciation of LVMH shares by 20% in the last half year, their price reaching the lowest level in the last two years.
Like most billionaires on the planet, most of Arnault’s wealth is due to the shares he has in the company he founded. Arnault controls about 48% of the luxury goods conglomerate, which includes 75 famous brands such as Tiffany, Louis Vuitton, Dom Perignon and Sephora.
LVMH’s share price fell amid declining sales of luxury goods, which have reached the highest levels in the pandemic.
LVMH, however, remains the second most valuable company in Europe, with a market capitalization of $344.18 billion, behind only the Danish pharmaceutical giant Novo Nordisk (554.35 billion).
In the overall ranking, LVMH is the 26th most valuable company in the world, and Novo Nordisk is 16th in controlled status of companies in the United States.
2024-09-24 08:44:18
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