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By
Bloomberg
Published
October 17, 2023
Bernardo Arnault He lost his place as the world’s second-richest person when a sell-off in luxury stocks pushed his net worth below that of Amazon.com Inc. Jeff Bezos.
Arnault is founder and CEO of LVMHthe French luxury powerhouse that includes brands such as Louis Vuitton and Moët & Chandon. His wealth has fallen by $6.8 billion since Wednesday, when the company reported slower sales growth.
Arnault is now worth $155.1 billion, just below Bezos’ $156.3 billion, according to the Bloomberg Billionaires Index.
Arnault became the richest person on the planet at the end of 2022, surpassing Tesla Inc.’s Elon Musk as technology stocks struggled in the face of high inflation. He fell below Musk again in May, but has not been below second place since October 2022.
the hit to Arnault’s wealth reflects the weak sales hitting luxury goods this year amid cooling demand from inflation-weary American consumers and a shaky economic recovery in China. LVMH shares fell about 10% in Paris in the three days following its earnings report before rebounding on Monday, and are down 1.9% so far this year.
By contrast, Bezos and Musk have benefited from a rally in tech stocks. Musk has added an additional $96.8 billion to his wallet this year as Tesla shares have risen 106%. Bezos’s fortune has grown by $49.3 billion this year along with a 58% rise in Amazon shares.
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