The fortune of the richest man in the world, the owner of the LVMH group, Bernard Arnault, decreased by $ 11.2 billion in a day due to falling shares of the company. It is reported by RBC with reference to Bloomberg.
According to the agency, LVMH shares lost 5% in value during trading on the Euronext Paris stock exchange on May 23. In total, European luxury companies have fallen in price by about 30 billion during this session. According to Bloomberg, shares of companies are falling amid fears in the market that a weakening US economy will reduce demand for their products.
LVMH owns such luxury brands as Louis Vuitton, Moet & Chandon, Christian Dior, Fendi, Givenchy and others. The fall in LVMH shares came after their long rise: over the past year, the paper has risen in price by 23%. In April, LVMH became the first company in Europe with a capitalization of over $500 billion.
Arnault first topped the list of the richest people in the world in April. Then he removed businessman Elon Musk from the first place. As Forbes reported, Arno’s fortune grew by $53 billion over the year.
After the fall of LVMH shares, the head of the company retained the first place in the rating. Bloomberg estimates his fortune at $191.6 billion.
Source: Rosbalt
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