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World’s Richest Man Loses $11 Billion After LVMH Stock Rout

(Bloomberg) -- Bernard Arnault, the world’s richest person, had $11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods. Most Read from BloombergMcCarthy, Graves Signal Impasse in White House Debt TalksWorld’s Richest Man Loses $11 Billion After LVMH Stock RoutXi Upends the Secretive World of $10,000-an-Hour China ExpertsLuxury Stocks Lose $30 Billion in One Day on Demand FearsChina’s New Covid Wave Set to See 65 Million Cases