Overview

• Bernard Arnault's net worth fell from $231 billion in March to $177 billion, moving him from first to fifth place on the Bloomberg Billionaires Index.
• The 20% drop in LVMH's stock price resulted in a $54 billion loss for Arnault, making him the biggest wealth loser among the top 500 individuals on Bloomberg's list this year.
• LVMH's revenues dipped in the first half of 2024, with the wine and spirits division experiencing the most significant decline.
• Analysts attribute the decline in luxury brand revenues to geopolitical tensions and a slowdown in high-spending Chinese consumer demand.
• Despite the financial setbacks, Arnault has continued to invest in AI startups and other ventures, while also extending his tenure as CEO by pushing the retirement age to 80.