LVMH Moët Hennessy-Louis Vuitton founder Bernard Arnault, the richest man in the world, lost $11.2 billion of his fortune in one day due to a stock crash. It is reported by Bloomberg.
LVMH shares plunged 5% on fears that a weakening US economy will dampen demand for luxury goods.
According to the Bloomberg Billionaires Index, the French billionaire is worth over $191 billion, almost 30 of which was earned this year.
The gap between the fortunes of Arno and Elon Musk of Tesla Inc., the second richest person in the world, has narrowed to $11.4 billion.