Barely 24 hours after Bernard Arnault became the world’s richest man, he has lost a whopping $3.2 billion bringing him back to second place on Forbes, pushing Elon Musk back to the number one spot.
Forbes estimates revealed that the 74-year-old business magnate’s net worth plummeted to $234.1 billion, marking a 1.37% decrease from his previous net worth of $236.3 billion.
How Arnault lost $3.2B in 24hrs
This drastic dip in wealth can be attributed to the sharp fall in LVMH’s share price.
The company’s shares now stand at 853.80 EUR, indicating a 1.74% decrease from their initial value of 861 EUR.
Bernard Arnault oversees the impressive LVMH empire comprising 75 esteemed fashion and cosmetics brands, including renowned names like Louis Vuitton and Sephora.
LVMH made headlines in 2021 with its acquisition of American jeweler Tiffany & Co, a landmark deal valued at $15.8 billion, considered the largest luxury brand acquisition ever.
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Arnault’s holding company, Agache, backs Aglaé Ventures, a venture capital firm with investments in prominent businesses such as Netflix and ByteDance, the parent company of TikTok.
Throughout most of 2023, Arnault’s wealth had soared, fueled by surging share prices of European luxury companies.
However, the demand for luxury items from LVMH faced some hesitations, particularly evident in their half-year financial report, which indicated robust sales except for a slump in the American market.
The economic turbulence in China further contributed to Arnault’s fluctuating net worth since the start of the month. European stocks suffered due to weak economic data from China, dampening risk sentiment, while investors sought insight into corporate earnings amid slowing global growth.
Looking back at Arnault’s bold move, he invested $15 million from his business to acquire the iconic Christian Dior in 1984, a decision that has played a pivotal role in LVMH’s success.
Bernard Arnault’s LVMH company holds a market share of 7%.
What you should know
Under Arnault’s leadership, LVMH continues to embody luxury and sophistication, asserting its dominance as an unrivalled leader in the high-end fashion and beauty realm.
In January, he appointed his daughter, Delphine, to lead Christian Dior, making her responsible for LVMH’s second-largest brand.
This strategic move was part of a larger restructuring of the €382 billion business empire, solidifying the family’s influence in the company’s future direction.
Arnault and Elon have always been stiff competitors vying to gain prominence for the number one seat on the Forbes ranking.
Arnault had managed to usurp the Tesla billionaire a couple of times, but based on the volatility of the stock market, Elon Musk has always managed to relinquish the throne.
Dear LVMH CEO,
I’m Singer Dianna Thi. Some your posts got my attention but I never think to deal with Foreign until dealing with some American are just the same……….
If you sold my Music videos but not happy to paid the commission to Facebook CEO who had my right to collect it but until now I still don’t get any dollars from him since 2015.
Before I’m calling everyone to meet me at the Court house. I’m going to find the best man or the group of the good people who “treat me nice to make me like” to order the transfer all my Music videos money holding by Bill Gates 7 billion dollars and Amazon CEO Jeff Bezos 20 billion dollars, not including from Facebook CEO Mark Zuckerberg.
If you like to join in the list or want to be the Producer of the next 100 Music videos to pay me on time. Please let me know then we can start the project.