Bernard Arnault, the founder and CEO of the luxury powerhouse LVMH, saw his wealth drop by nearly $10 billion in a single day following a swift 7% drop in his company's share price after it posted an unexpected fall in third-quarter sales.
In a trading update on Tuesday, the luxury conglomerate—whose brands include Moet & Chandon, Louis Vuitton, and Tiffany & Co.—posted a 3% drop in its sales in the third quarter of 2024 to €19.1 billion ($21 billion), causing shares to tumble.
