Billionaires Index — Bernard Arnault, the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, suffered a loss of $11.2 billion, causing a significant decrease in his net worth, thus narrowing the margin between him and Elon Musk.
Bloomberg Billionaires Index reports that Arnault now has a fortune of $192 billion, while Musk stands at $180 billion.
The gap between the two stood at $21 billion just a day ago, but economic uncertainties coupled with fears about slowing US spending in the luxury sector resulted in a 5% decline in the LVMH Moët Hennessy Louis Vuitton share prices, dropping the stock to 834.2 euros ($900).
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