Reported 14 days ago
Bernard Arnault, CEO of LVMH, has seen his fortune decline by $54 billion, causing him to fall from the richest person in the world to fifth place on the billionaire list. Following a 20% drop in LVMH's stock price, his net worth has decreased to an estimated $177 billion, primarily due to a struggling luxury market. This year, Arnault is the biggest loser among billionaires, with a total drop of $30 billion and a significant decline in LVMH's sales, especially in the wine and spirits division.
Source: YAHOO