Richest Person's Net Worth Drops by $11 Billion in 24 Hours, Still Maintains $12 Billion Lead Over Elon Musk
Bernard Arnault, the world's richest person, witnessed a jaw-dropping plummet in his net worth, losing a staggering $11.2 billion (£9.07 billion) in just 24 hours. Despite this shocking setback, Arnault remains comfortably ahead of his closest competitor, Elon Musk, with a $12 billion lead.
Bernard Arnault, the 74-year-old CEO of luxury conglomerate LVMH, which encompasses iconic brands like Louis Vuitton, Christian Dior, and Tiffany & Co., had a net worth exceeding $203 billion (£164 billion) on the night of May 22, reports Daily Star.
However, on Tuesday, May 23, LVMH's shares plummeted by 5%, marking the largest decline the company has faced in over a year. As a consequence, Arnault experienced a significant decline in his wealth, shedding a staggering $11.2 billion in value. The downturn contributed to a staggering $30 billion (£24 billion) loss in the European luxury fashion sector on that day, as reported by Bloomberg.
Alongside LVMH, companies like Hermes International experienced a 5.5% decline, while Gucci owner Kering SA saw its value decrease by over 2%. Despite this notable hit to his wealth, Arnault managed to retain his position at the top of Bloomberg's Billionaires Index, towering over Elon Musk with a net worth of $192 billion (£155 billion).
Musk had enjoyed a reign over the wealth pyramid for a significant period of 2022, driven by the soaring value of Tesla shares that surged by approximately 100% due to robust investor demand and sales. His net worth experienced a consistent upward trajectory until it was abruptly hit in December, marked by a sharp decline of around 65% in Tesla's stock prices, as per Business Today.
Musk's recent trajectory has been a tumultuous one, with his fortune reaching a peak of $340 billion (£275 billion) last year before undergoing a steep decline. The entrepreneur's Twitter purchase in October sparked a chain of events that resulted in a massive hit to his wealth.
Forbes aptly noted, "Musk has mostly tweeted himself out of the top spot on the rank," hinting at the impact of his controversial social media activities. His loss was so huge that it shattered the previous record, earning a place in the Guinness World Records as the largest decline in personal fortune ever witnessed in history.
In the global rich list, Bernard Arnault and Elon Musk are closely followed by Jeff Bezos, the Founder of Amazon and Blue Origin, along with Microsoft co-founder Bill Gates, esteemed billionaire investor Warren Buffett, and Oracle's Larry Ellison. According to the Bloomberg Billionaires Index, Bezos, Gates, Buffett, and Ellison currently possess net worths of $116 billion, $114 billion, $107 billion, and $100 billion respectively.
