Bernard Arnault (74), the richest person in the world, lost 11.2 billion dollars (about 10.4 billion euros) of his fortune in one day. The reason for this is the stock crash of LVMH Moët Hennessy Louis Vuitton, where Arnault is CEO and a major shareholder.
A feared market slump in the luxury sector due to a slowdown in consumer spending in the US caused LVMh shares to fall temporarily by 8 percent to 900 dollars (834 euros) on Tuesday.