{"id":73564,"date":"2023-10-17T09:19:16","date_gmt":"2023-10-17T13:19:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/jeff-bezos-overtakes-bernard-arnault-to-become-worlds-second-richest-person-as-lvmh-shares-slide\/"},"modified":"2023-10-17T09:19:19","modified_gmt":"2023-10-17T13:19:19","slug":"jeff-bezos-overtakes-bernard-arnault-to-become-worlds-second-richest-person-as-lvmh-shares-slide","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73564","title":{"rendered":"Jeff Bezos overtakes Bernard Arnault to become world\u2019s second richest person as LVMH shares slide"},"content":{"rendered":"
\n

Amazon.com founder Jeff Bezos has overtaken French billionaire Bernard Arnault to become the second-richest person in the world, as tech stocks have surged and demand for high-end handbags and other luxury items has softened.<\/p>\n

Amazon\u2019s
\n AMZN,
\n +2.13%<\/bg-quote>
\n Bezos now sits behind No. 1 billionaire, Tesla
\n TSLA,
\n +1.12%<\/bg-quote>
\n CEO Elon Musk, with a total net worth of $156 billion, a sum that has increased by $49.3 billion since the start of 2023, according to the Bloomberg Billionaires Index.\u00a0<\/p>\n

\n

Arnault, founder and CEO of LVMH Mo\u00ebt Hennessy Louis Vuitton
\n MC,
\n -1.12%<\/bg-quote>,<\/span>
\n has seen his net worth fall $6.95 billion to $155 billion so far this year. The drop in Arnault\u2019s net worth puts the billionaire in third place on the list of the world\u2019s richest people, behind Bezos and Musk.\u00a0<\/p>\n

Bezos has, alongside his fellow tech billionaires, seen his net worth bulge this year, on the back of a 54% surge in Amazon\u2019s stock price since the start of 2023, following a series of strong results from the e-commerce giant.\u00a0That\u2019s after a 49% drop in 2022.<\/p>\n

More broadly, stocks listed on the NASDAQ-100 Technology Sector Index
\n XX:NDXT
\n have risen by 43% in 2023, as the sector has benefited from stabilizing interest rates and the buzz around artificial intelligence.\u00a0<\/p>\n

Arnault\u2019s decline in wealth comes after shares in LVMH, which owns top luxury brands including Louis Vuitton, Mo\u00ebt, and Tiffany & Co, fell 7% in a single day last week after the Paris-headquartered firm posted underwhelming financial results.\u00a0The shares are down over 4% so far in 2023.<\/p>\n

LVMH\u2019s disappointing results may have signaled the end of the boom in demand for expensive Champagne and handbags that has buoyed luxury goods sellers since the start of COVID-19.\u00a0<\/p>\n

Arnault\u2019s current net worth marks a significant decline from the more than $200 billion the 74-year-old held at the peak of his wealth seen earlier this year. The Arnault family owns an almost 50% stake in LVMH.<\/p>\n

Bezos\u2019 net worth is also currently lower than at its peak of $214 billion in July 2021, when the e-commerce maker was benefiting from pandemic-fueled spending. The tech billionaire is Amazon\u2019s biggest shareholder and owns a 10% stake in the Seattle-headquartered firm, according to data from FactSet.<\/p>\n

Musk, meanwhile, is now the only person in the world with a net worth of more than $200 billion, largely due to his 13% stake in Tesla, alongside his holdings in various companies including The Boring Company and X, which was previously known as Twitter.\u00a0<\/p>\n

The 52-year-old Tesla CEO\u2019s net worth is currently estimated at $234 billion, having increased by $96.8 billion in 2023, according to the Bloomberg Billionaires Index.\u00a0\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon.com founder Jeff Bezos has overtaken French billionaire Bernard Arnault to become the second-richest person in the world, as tech stocks have surged and demand for high-end handbags and other luxury items has softened. Amazon\u2019s AMZN, +2.13% Bezos now sits behind No. 1 billionaire, Tesla TSLA, +1.12% CEO Elon Musk, with a total net worth […]<\/p>\n","protected":false},"author":1,"featured_media":73565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73564","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nJeff Bezos overtakes Bernard Arnault to become world\u2019s second richest person as LVMH shares slide | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amazon.com founder Jeff Bezos has overtaken French billionaire Bernard Arnault to become the second-richest person in the world, as tech stocks have\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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