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World’s richest man, Bernard Arnault still richer than Elon Musk despite loosing $11.2bn

The world's richest man and CEO of Moët Hennessy Louis Vuitton (LVMH), Bernard Arnault, lost $11.2 billion in one day, but is still wealthier than Elon Musk.

Musk is the second richest man in the world, with a net worth of £180 billion, $12 billion less than the 74-year-old CEO’s own $192 billion.

LVMH, which encompasses brands such as Louis Vuitton, Tiffany & co., and Christian Dior took a 5% hit to its share price on Tuesday, according to Bloomberg.

The stock blow is the biggest the company has seen in over a year. Before the stock drop, Arnault’s net worth was $203 billion on Monday — $23 billion above Musk’s.

The LVMH mogul’s net worth soared by $29.5 billion over the course of the last year, which can be attributed to the company’s stock rising by 35% during that time.

As per Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion.

Despite the struggle, LVMH’s share price is still up 23% for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index has also risen to 27%, Bloomberg reported.

Following Musk’s Twitter buyout in October 2022, his wealth took a steep drop, and he lost his position as the world’s richest man to Arnault.
The purchase knocked his net worth down to $126 billion from $340 billion.

Amazon CEO Jeff Bezos currently sits at number three in Bloomberg’s Billionaires Index – a $41 billion gap from Musk.

Prevail Inegbenose

Prevail Inegbenose is the Chief Executive Officer (CEO), Spark Media & Entertainment Ventures, the publisher of Spark News Daily - Nigeria's most sought-after online news platform - Politics, Sport & Entertainment. Prevail Inegbenose hails from Irrua, Esan Central LGA of Edo State. He studied Mass Communication from the prestigious Auchi Polytechnic Auchi and graduated in 2007. Prevail Inegbenose is a veteran journalist with 15 years of active and practical journalism. He has authored so many write-ups, a lot of which had been published in the newspapers, magazines and social media. Hence Prevail Inegbenose is a Journalist, Writer, Researcher, Author, Communication Expert and Consultant, Social Media Influencer, Project Management Expert, Peace Ambassador and Advocate of Good Governance and Better Society. He's a Pastor, in fact the Lead Pastor, House of God Int'l - Rest Tabernacle, Abuja Nigeria.

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