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Despite losing $11.2 billion in a single day, Bernard Arnault, the world's richest man and CEO of Moët Hennessy Louis Vuitton (LVMH), remains richer than Elon Musk.
With a net worth of £180 billion, Musk is the second richest person in the world, $12 billion behind the 74-year-old CEO's own $192 billion.
According to Bloomberg, the share price of LVMH, which includes companies like Louis Vuitton, Tiffany & Co., and Christian Dior, dropped by 5% on Tuesday.
The company has not experienced a stock blow quite this size in over a year. Arnault's net worth on Monday was $203 billion, $23 billion more than Musk's, prior to the stock decline.
Due to the company's shares rising by 35% over the course of the previous year, the LVMH mogul's net worth increased by $29.5 billion.
According to Bloomberg, the European Luxury sector suffered a $30 billion loss as a result of the stock's decline.
LVMH's share price is still up 23% for the year despite the challenge. According to Bloomberg, the MSCI Europe Textiles, Apparel & Luxury Goods Index has also increased to 27%.
Musk's wealth drastically decreased after his purchase of Twitter in October 2022, and he was dethroned by Arnault as the richest person in the world. His net worth was reduced by the transaction from $340 billion to $126 billion.
The CEO of Amazon, Jeff Bezos, is presently ranked third in Bloomberg's Billionaires Index, $41 billion behind Musk.
