World’s richest man, Bernard Arnault loses $11bn in one day but is still richer than Tesla CEO Elon Musk by $12bn


CEO of Moët Hennessy Louis Vuitton (LVMH), Bernard Arnault, who is the world’s richest man lost $11.2 billion in one day, but is still wealthier than Elon Musk.

Musk is the second richest man in the world, with a net worth of £180 billion, $12 billion less than the 74-year-old CEO’s own $192 billion. DailyMail reports.

LVMH, which encompasses brands such as Louis Vuitton, Tiffany & co., and Christian Dior took a 5% hit to its share price on Tuesday, according to Bloomberg.

The stock blow is the biggest the company has seen in over a year.

Before the stock drop, the French fashion tycoon’s net worth was $203 billion on Monday — $23 billion above Musk’s.

The LVMH mogul’s net worth soared by $29.5 billion over the course of the last year, which can be attributed to the company’s stock rising by 35% during that time.

As per Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion.

Despite the struggle, LVMH’s share price is still up 23% for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index has also risen to 27%, Bloomberg reported.

Following Musk’s Twitter buyout in October 2022, his wealth took a steep drop, and he lost his position as the world’s richest man to Arnault.

The purchase knocked his net worth down to $126 billion from $340 billion.

Amazon CEO Jeff Bezos currently sits at number three in Bloomberg’s Billionaires Index – a $41 billion gap from Musk.

Previous articleKhloe Kardashian says she feels ‘less connected’ to her son born by surrogate
Next articleBrazilian actor, missing since January is found dead inside a wooden trunk buried below ground in Rio de Janeiro
Ola Alabi
Ola Moses is a certified writer, He writes technically and creatively. He is the CEO of WORDSWORTH, a house where writing is made easier for all. He is a content creator at EsB TV, since 2019. He is a young man that showcases professionalism in all that he does, he was announced as Child and Green Foundation Person of the Year 2018, one of his many lists of honours.


Please enter your comment!
Please enter your name here