To the founder of the LVMH conglomerate his fortune has fallen by $20 billion to $187 billion so far this year – reveals the ranking of the 500 richest people in the world. After the company’s shares slumped this week on disappointing results, Arnault’s losses surpassed the $18 billion so far this year for China’s richest man, Zhong Shanshan.
Meanwhile Elon Musk, the richest man in the world, suffered a bigger fall in one day, although it is still in the $11.5 billion surplus for the year. The Tesla co-founder’s fortune fell by $21.7 billion on Wednesday after the electric carmaker reported disappointing quarterly results.
Musk’s one-day decline was the fifth largest market-driven drop in the 12-year history of Bloomberg’s wealth index, reducing his wealth to $240.5 billion. At the same time despite the decline, he is ahead of Amazon founder Jeff Bezos, who is in second place, by about $37 billion.
The 75-year-old Arnault fell to the 3rd place among the world’s richest people, the decline of his wealth is rooted in the economic crisis in China, a market on which the luxury industry has long relied. LVMH’s sales in the region, which includes China, fell by 14% in the most recent quarter.
French rival Kering, founded by 87-year-old Francois Pinault, warned on Wednesday that its profit could fall by around 30% in the second half of the year. Kering shares fell 10% in Paris trading on Thursday.
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Source: www.portfolio.hu