Luxury Stock Selloff: Bernard Arnault Loses $11B in a Day
TL;DR Summary
Bernard Arnault, the founder, chairman, and CEO of LVMH, saw $11 billion wiped off his fortune on Tuesday due to a 5% drop in LVMH's share price, narrowing his lead over Elon Musk. Arnault's net worth is now $192 billion, while Musk's is $180 billion. The drop in LVMH's share price was due to a market rout in the luxury sector over fears of slowing US consumer spending. Despite the one-day rout, Arnault's net worth is still up by nearly $30 billion this year so far.
- World's richest person Bernard Arnault's wealth drops $11B in a day Business Insider
- World’s Richest Man Loses $11 Billion After LVMH Stock Rout Yahoo Finance
- LVMH, Hermes Lead Slump as Europe Luxury Stocks Take $30 Billion Hit Bloomberg
- Selloff Hits Luxe Stocks Hard – WWD WWD
- Luxury stocks lose $30 billion in one day, demand fears hurts luxury firms' stock | World DNA WION
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