LVMH CEO Bernard Arnault took another multibillion-dollar hit to his net worth this week, after the company reported its first quarterly decline in sales since the COVID-19 pandemic.
LVMH Moet Hennessy Louis Vuitton, the company he has run for decades as CEO, saw its shares plummet 7% on Tuesday after it reported a 3% drop in sales, costing Arnault nearly $10 billion in a single day, according to Fortune.
The French company is the corporate parent of luxury brands including Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co.
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Arnault began the year as the world’s wealthiest person when his wealth hit a high of $231 billion in March, but the LVHM founder has dropped from the top of the Bloomberg Billionaires Index to No. 5 with an estimated net worth of $175 billion as of Thursday.
The index indicates that Arnault has lost some $32.2 billion so far this year. He and his family own a nearly 50% stake in LVMH, and the French conglomerate’s shares are down more than 16% year to date.
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Tesla CEO Elon Musk has regained the title of the world’s wealthiest person with a net worth of $242 billion, and Amazon founder Jeff Bezos is currently in second place at $210 billion.
Oracle co-founder and Chief Technology Officer Larry Ellison is at No. 4, just ahead of Arnault, with an estimated net worth of $185 billion.
FOX Business’ Aislinn Murphy and Reuters contributed to this report.
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