Beautiful Virgin Islands

Sunday, Sep 15, 2024

0:00
0:00

Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products

The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of stocks of luxury companies in Europe.
Bernard Arnault loses $11.2 billion in one day as investors fear a slowdown in US growth will reduce demand for luxury products.

The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe. Within just one day, Bernard Arnault, the owner of the LVMH Group and the richest man in the world, lost $11.2 billion of his fortune. The reason: investors' concerns that the slowdown in growth in the United States would reduce the demand for luxury products.

The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe.

However, despite the loss of $11 billion, there is no need to worry about Arnault, whose net worth is estimated at $191.6 billion according to Bloomberg's World Billionaires Index, making him still the top-ranked individual. The gap between Arnault and the second-richest person in the world, Elon Musk, owner of Tesla and Twitter, narrowed to $11.4 billion.

It is worth noting that despite the current decline, Arnault's fortune has only been growing in 2023 and currently stands at $29.5 billion, thanks to a consistent 23% increase in LVMH stocks (even after the current downturn). Overall, the European textile and luxury goods index has risen by 27% this year.

Arnault became the richest man in the world in December 2022 when he surpassed Musk, who lost over $100 billion during that time due to a sharp decline in Tesla stock and the purchase of Twitter.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Switzerland Unveils Alps, a High-Speed Supercomputer for AI
Hong Kong Criticizes UK Lawyers for UN Appeal on Behalf of Jimmy Lai
Keir Starmer Accused of Breaking Rules Over Party Donor Gifts
Poorest Families in UK Forced to Sleep on Floors Due to Lack of Beds
Ed Davey Urges Immediate NHS Investment
Staff Overwhelmed Due to New Child-to-Staff Ratio Rules in English Nurseries
US and UK Alarmed Over Potential Iran-Russia Nuclear Collaboration
Father Convicted of Rape Stripped of Parental Responsibility
Van Gogh's 'Sunflowers' Series Displayed Together for the First Time in London
Queen Elizabeth II Statue Sparks Debate in Northern Ireland
Prince Harry Turns 40 Amid Royal Family Estrangement
British Policing Minister's Bag Stolen at Police Conference
UK To Implement Junk Food Ad Ban to Combat Childhood Obesity
UK Prime Minister Keir Starmer Visits US for Talks with President Biden
‘Living Nostradamus’ Fulfills Four Predictions, Foresees More Events
AI's Role in Changing Belief in Conspiracy Theories
Russia and Ukraine Exchange 206 Prisoners in UAE-Brokered Deal
Gisele Pelicot: From Survivor to Feminist Icon
Royal Navy's First 'Narco-Sub' Drug Seizure in the Caribbean
Northern Lights Illuminate Skies Over the UK
Citizens' Jury Supports Change in Assisted Dying Law
Russia Can End the War Now, Says PM as Putin Warns West
SpaceX Polaris Dawn Crew Makes History With First Private Spacewalk
Jon Bon Jovi Heroically Rescues Woman on Nashville Bridge
Fragmented EU Defence Industry Needs Urgent Coordination
Keir Starmer Accused of Concealing Impact of Winter Fuel Payment Cuts on Pensioners
Keir Starmer Urged to Publish Winter Fuel Payments Impact Assessment
Ex-CIA Officer Sentenced to 10 Years for Espionage
UK Economy Stalls for Second Consecutive Month
Downing Street to Begin Search for New Cabinet Secretary
UK Government Introduces Bill to Ban Rental Bidding Wars
Scottish Opposition Questions Cuts to Free School Meals and Rail Fares
NHS Delays in England Cause Thousands of Unnecessary Deaths, Inquiry Reveals
NHS Restricts Obesity Services across England, Investigates BMJ
Bill Gates Warns of Imminent Threats: War and Pandemics
Over One Million UK Carers Living in Poverty
Equitable Future Threatened by Climate Crisis and Consumerism
Calls for Inclusive and Diverse Stories in UK English Curriculum
UK Government Confirms £500m Subsidy for Tata Steel
Chancellor Rachel Reeves Warns of Tough Budget Ahead
Unions Fear Labour's Net Zero Plans Will Cost Jobs
PM to Address Critical NHS Report Demanding Reforms
Kamala Harris Wins Post-Debate Survey Against Donald Trump
Impact and Aftermath of 9/11 Attacks on the US and the World
Iran Denies Missile Deliveries to Russia Amid New Sanctions
Kamala Harris Claims to Own Guns, Denies Supporting Mandatory Buyback—Yet Said the Opposite Weeks Ago
Outrage in Uxbridge: 12 Police Officers Arrest Woman Over a Sandwich, Then Arrest Bystander for Swearing
Polaris Dawn: Historic Private Spacewalk Initiated
Sir Paul Marshall Acquires The Spectator for £100 Million
Neighbours Criticise Germany Over Extended Border Controls
×