0:00
0:00
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of stocks of luxury companies in Europe.
Bernard Arnault loses $11.2 billion in one day as investors fear a slowdown in US growth will reduce demand for luxury products.
The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe. Within just one day, Bernard Arnault, the owner of the LVMH Group and the richest man in the world, lost $11.2 billion of his fortune. The reason: investors' concerns that the slowdown in growth in the United States would reduce the demand for luxury products.
The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe.
However, despite the loss of $11 billion, there is no need to worry about Arnault, whose net worth is estimated at $191.6 billion according to Bloomberg's World Billionaires Index, making him still the top-ranked individual. The gap between Arnault and the second-richest person in the world, Elon Musk, owner of Tesla and Twitter, narrowed to $11.4 billion.
It is worth noting that despite the current decline, Arnault's fortune has only been growing in 2023 and currently stands at $29.5 billion, thanks to a consistent 23% increase in LVMH stocks (even after the current downturn). Overall, the European textile and luxury goods index has risen by 27% this year.
Arnault became the richest man in the world in December 2022 when he surpassed Musk, who lost over $100 billion during that time due to a sharp decline in Tesla stock and the purchase of Twitter.
The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe. Within just one day, Bernard Arnault, the owner of the LVMH Group and the richest man in the world, lost $11.2 billion of his fortune. The reason: investors' concerns that the slowdown in growth in the United States would reduce the demand for luxury products.
The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe.
However, despite the loss of $11 billion, there is no need to worry about Arnault, whose net worth is estimated at $191.6 billion according to Bloomberg's World Billionaires Index, making him still the top-ranked individual. The gap between Arnault and the second-richest person in the world, Elon Musk, owner of Tesla and Twitter, narrowed to $11.4 billion.
It is worth noting that despite the current decline, Arnault's fortune has only been growing in 2023 and currently stands at $29.5 billion, thanks to a consistent 23% increase in LVMH stocks (even after the current downturn). Overall, the European textile and luxury goods index has risen by 27% this year.
Arnault became the richest man in the world in December 2022 when he surpassed Musk, who lost over $100 billion during that time due to a sharp decline in Tesla stock and the purchase of Twitter.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
