Bernard Arnault lost $11 billion in a day after the collapse of LVMH shares
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French billionaire Bernard Arnault, the richest man in the world, lost $11.2 million from his fortune in one day due to fears that the weakening of the US economy will reduce demand for luxury goods, which his company LVMH is engaged in, writes Bloomberg.
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Arno losses
The founder of Louis Vuitton Moet Hennessy (LVMH) has seen his wealth skyrocket for much of 2023 as share prices in European luxury goods companies have soared.
On Tuesday, May 23, some of these achievements were lost. LVMH shares fell 5% in Paris amid a broader decline.
According to the Bloomberg Billionaires Index, even taking this into account, the French billionaire’s fortune still amounts to $191.6 billion. This year, he earned $29.5 billion.
Read: LVMH head Arno’s fortune jumped by $12 billion in a day, leaving Musk even further behind
The gap between Arno’s fortune and that of Elon Musk, the second richest man in the world, has narrowed to $11.4 billion.
The drop on Tuesday occurred after a prolonged rise in the value of LVMH shares, which rose by 23% in an hour.
Background
As the Ministry of Finance wrote, at the end of the trading session on May 23, the shares of the French fashion house Hermes International fell by 6.54% to 1,890 euros.
The capitalization of the largest manufacturers of luxury goods fell by $30 billion in one day due to the dangerous reduction in demand.
Author: 
Editor of the news feed Yaroslav Holoborodko Writes on the topics: Macroeconomics, stock market, cryptocurrency
- Shares (securities)
Source: Ministry of Finance
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