The collapse of luxury stocks reduced the wealth of LVMH boss, and Bezos returned to the second richest man in the world.

Thanks to CTOnews.com netizens Alejandro86 and Jiayi for your clue delivery! CTOnews.com, Oct. 17 (Xinhua) Bernard Arnault, founder and CEO of French luxury giant LVMH, has lost his position as the world's second richest man after a sharp fall in luxury stocks, with a net worth lower than Amazon founder Jeff Bezos.

LVMH, which owns luxury brands such as Louis Vuitton and Moet & Chandon, has lost $6.8 billion in wealth since the company reported low sales growth last Wednesday.

According to the Bloomberg Billionaires Index (Bloomberg Billionaires Index), Arnault currently has a net worth of $155.1 billion (CTOnews.com Note: currently about 1.13 trillion yuan), below Bezos's $156.3 billion.

Arnault overtook Tesla's Elon Musk (Elon Musk) at the end of 2022 to become the richest man in the world, and he was overtaken by Musk in May.

The decline in Arnault's wealth reflects the sluggish sales facing the luxury goods industry this year, with LVMH shares down about 10 per cent in the Paris market in the three days after the results were announced, rebounding on Monday but still down 1.9 per cent so far this year.

Mr Bezos and Mr Musk, by contrast, have benefited from a rebound in technology stocks. As Tesla's share price rose 106%, Musk's wealth increased by $96.8 billion this year, and Bezos's wealth increased by $49.3 billion as Amazon's share price rose 58%.