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Fortune

Orianna Rosa Royle

World’s richest person sees $11 billion in wealth wiped out

Bernard Arnault LVMH Elon Musk Luxury Christian Dior Dior Louis Vuitton Tesla Inc.

LVMH Moet Hennessy Louis Vuitton SE Chief Executive Officer Bernard Arnault Presents Earnings (Credit: Christophe Morin—Bloomberg/Getty Images)

The world’s richest person, Bernard Arnault, saw his wealth drop by more than $11 billion in a single day following a luxury company stock price bloodbath.

The founder and CEO of the luxury powerhouse LVMH experienced a loss of $11.2 billion on Tuesday, as investors grow increasingly concerned that America’s economic slowdown will dampen demand for high-end goods.

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