CEO of Moët Hennessy Louis Vuitton (LVMH), Bernard Arnault, the world’s richest man, lost $11.2 billion in one day, but is still wealthier than Elon Musk.
Musk is the second richest man in the world, with a net worth of £180 billion, $12 billion less than the 74-year-old CEO’s own $192 billion.
It comes after LVMH – which encompasses brands such as Louis Vuitton, Tiffany & co. and Christian Dior – took a 5% hit to its share price on Tuesday, according to Bloomberg. The stock blow is the biggest the company has seen in over a year.
Before the stock drop, Arnault’s net worth was $203 billion on Monday — $23 billion above Musk’s.
The LVMH mogul’s net worth soared by $29.5 billion over the course of the last year, which can be attributed to the company’s stock rising by 35% during that time.
As per Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion.
Despite the struggle, LVMH’s share price is still up 23% for the year.
The MSCI Europe Textiles Apparel & Luxury Goods Index has also risen to 27%, Bloomberg reported.
Following Musk’s Twitter buyout in October 2022, his wealth took a steep drop, and he lost his position as the world’s richest man to Arnault.
The purchase knocked his net worth down to $126 billion from $340 billion.
Amazon CEO Jeff Bezos currently sits at number three in Bloomberg’s Billionaires Index – a $41 billion gap from Musk.