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.

https://www.lindaikejisblog.com/2023/5/worlds-richest-man-bernard-arnault-loses-11bn-in-one-day-but-is-still-richer-than-tesla-ceo-elon-musk-by-12bn.html

Oluwa answer my call. I heard u feed 5,000 people with 5 loaves of bread and 2 fishes. Please na only me dey, even if na one bread forget about the fish, I get avocado

Hmmm.

That's is more than annual budget of some states.

A single person incurred this lose in a day and still ranked among the richest despite the lose.

Richest on earth. According to the good book the richest is he who has given out to those out of position to help themselves.

Time to start watching the stock so I can buy some shares.

And he is still breathing me wey lose $100 I wan use thinking & vex kill myself. This life sha