The richest man in the world lost $11 billion of his fortune

The world’s richest man, Bernard Arnault, lost $11 billion after LVMH stock crash. The world’s richest man, Bernard Arnault, had $11.2 billion wiped from his fortune in one day amid concerns that it would reduce demand for luxury goods in the U.S. economy. The founder of LVMH, which includes brands such as Louis Vuitton, Moet & Chandon Champagne and Christian Dior, gave back some of his gains on Tuesday. LVMH shares fell 5 percent. Despite the sell-off, the French billionaire’s net worth remains at $191.6 billion, according to the Bloomberg Billionaires Index. He has added $29.5 billion so far this year. The gap between Arnault and the world’s second-richest man, Tesla Inc.’s Elon Musk, has narrowed to just $11.4 billion. It comes after a long rally in LVMH’s stock price, which is still up 23 percent for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index rose 27 percent.