Losing $13.9 billion in 1 day, Jeff Bezos is no longer the richest man in the world

According to MarketWatch, Jeff Bezos has just lost his position as the richest person on the planet because his fortune has dropped by 13.9 billion USD in a single day.

The reason for the sharp drop above was because Amazon stock plunged late last week, falling 7% after the company reported second-quarter growth that fell short of forecasts.

The loss of such a large fortune caused Jeff Bezos to be surpassed by French luxury goods magnate Bernard Arnault, dethroning the world’s No. Arnault owns LVMH, which owns many luxury brands including Louis Vuitton, Sephora, Moët & Chandon and Tiffany & Co.

It seems that the pandemic and the economic slowdown have not affected the luxury goods market at all. The evidence is that Arnault has significantly increased his fortune to nearly $ 100 billion in the first year of the pandemic.

As of yesterday, Arnault’s fortune reached $ 195.8 billion while that of Jeff Bezos was only $ 192.6 billion.

In 2020, Jeff Bezos made headlines as the first person in the world to hit the $200 billion mark when Amazon won big thanks to the raging epidemic.

Referring to LVMH (with full name LVMH Moet Hennessy Louis Vuitton SE) is referring to a 34-year-old corporation with headquarters located in Paris, France, the owner of many luxury brands that only mention the name. Just made millions of hearts flutter. It is Louis Vuitton, Christian Dior, Hublot or TAG Heuer…. the most expensive fashion brands, perfumes and watches.

In total, LVMH owns 75 luxury brands with 5,003 stores and 150,000 employees worldwide. By the end of 2020, their revenue reached 44.7 billion euros ($54.7 billion) with a profit after tax of 4.7 billion euros ($5.7 billion), ranking 64th in the rankings. Forbes 2000 -2021 ranking.

Within 15 years (from 2006 to 2021), LVMH’s revenue and profit after tax increased more than 3 times, showing their extremely strong rise. Also this year, the company was valued at $329 billion and became the most valuable enterprise in Europe.

As economies began to show signs of growth again after the pandemic, the demand for luxury goods from many of LVMH’s brands also increased. Therefore, it is not difficult to understand when their president became the richest person on the planet with his fortune increasing at a galloping pace. As this group continues to grow and shows no signs of stopping, the position of Mr. Bernard Arnault is expected to continue to be maintained in the near future.