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LVMH CEO Bernard Arnault took another multibillion-dollar hit to his net worth this week after the company reported its first quarterly sales decline since the coronavirus pandemic. received.
LVMH Moët Hennessy Louis Vuitton, which he has run as CEO for decades, saw its shares plummet 7% on Tuesday after announcing a 3% drop in sales, according to Fortune magazine. Arnault reportedly lost nearly $10 billion in one day.
On May 23, LVMH CEO Bernard Arnault attended the Viva Technology Show held at the Parc des Expositions Porte de Versailles in Paris. (Chesnot/Getty Images/Getty Images)
The French company is the parent company of luxury brands such as Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co.
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Arnault started the year as the world’s richest man, with his fortune reaching a peak of $231 billion in March, but the LVHM founder has fallen from the top of the Bloomberg Billionaires Index to fifth place. As of Thursday, his estimated net worth was $175 billion. .
People walk past the proposed site for the LVMH Moët Hennessy Louis Vuitton Cheval Blanc Hotel on Rodeo Drive on May 23, 2023 in Beverly Hills, California. (Patrick T. Fallon/AFP via Getty Images/Getty Images)
Arnault has lost about $32.2 billion so far this year, according to the index. He and his family own nearly 50% of LVMH, and the French conglomerate’s shares have fallen more than 16% since the beginning of the year.
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Tesla CEO Elon Musk has regained the title of the world’s richest person with a net worth of $242 billion, while Amazon founder Jeff Bezos is now in second place with a net worth of $210 billion.
Tech billionaire Elon Musk attended the 10th Breakthrough Awards ceremony held at the Academy Museum of Motion Pictures in Los Angeles on April 13th. (Etienne Laurent/AFP via Getty Images/Getty Images)
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Oracle co-founder and chief technology officer Larry Ellison ranks fourth, with an estimated net worth of $185 billion, just ahead of Arnault.
FOX Business’ Aislinn Murphy and Reuters contributed to this report.
