Luxury king Bernard Arnault's net worth takes multibillion-dollar hit after LVMH shares fall

Published On Oct 17, 2024, 1:32 PM

Bernard Arnault, CEO of luxury goods conglomerate LVMH, saw his net worth drop by nearly $10 billion after LVMH reported its first quarterly decline in sales since the pandemic, with a 3% drop and a 7% fall in share value on 'Black Tuesday'. This decline has dropped him from the world's richest person to fifth, with an estimated net worth of $175 billion, as LVMH shares have fallen over 16% year-to-date, significantly impacting their majority stake ownership in the company.