Luxury Stock Selloff Wipes Out Billions from World's Richest Man and European Markets

Bernard Arnault, the world's richest person, lost $11.2 billion in one day due to concerns that a softening US economy will dampen demand for luxury goods. The selloff was triggered by a decline in LVMH shares, which fell 5% in Paris, erasing about $30 billion from the European luxury sector. Despite the decline, Arnault still has a net worth of $191.6 billion and has added $29.5 billion so far this year.