Bernard Arnault lost his spot as the world’s second-richest person as a selloff in luxury stocks pushed his net worth below that of Amazon.com Inc.’s Jeff Bezos.
Arnault is founder and chief executive officer of LVMH, the French luxury powerhouse that includes brands such as Louis Vuitton and Moet & Chandon. His wealth has fallen by $6.8 billion since Wednesday, when the company reported softer sales growth.
Arnault is now worth $155.1 billion, just below Bezos’s $156.3 billion, according to the Bloomberg Billionaires Index.
Read the full story on Bloomberg here.