The world's top 5 tech tycoons — including Elon Musk, Jeff Bezos, and Bill Gates — have already lost about $85 billion this year after a brutal market selloff
Elon Musk — the world's richest man — has lost $27 billion year-to-date, and is now worth $243 billion after hitting a high in November of more than $300 billion.news.yahoo.com
Bernard Arnault is world's second richest person, adding billions as market rallies
Luxury king Bernard Arnault has become the world's second richest person, with a net worth of more than $137 billion, after a surge in LVMH's share price. Forbes now ranks Arnault as the second richest person in the world, behind Jeff Bezos, who is worth about $184 billion. Arnault nabbed the second place spot in 2019, but fell in the rankings as LVMH stock plunged during the coronavirus pandemic. Both rankings, however, show that the stock market boom of the past two weeks has created vast wealth for the world's billionaires. Bezos saw his net worth fall by $9 billion on Monday, while Zuckerberg saw his fortune fall by $5.5 billion.cnbc.com
Largest luxury deal back on, Tiffany agrees to lower price
NEW YORK – The largest deal in luxury is back on after New York's famed jeweler Tiffany agreed to a slightly reduced offering price from LVMH in Paris. LVMH will now pay $131.50 for each Tiffany share putting the total price tag at $15.8 billion, down from the $16.2 billion that was first offered earlier this year. Rumors that the two luxury companies had rekindled talks began to surface in recent days. “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany," LVMH CEO Bernard Arnault said in a prepared statement Thursday. LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewelry and in the U.S. market.
Dueling over diamonds: LVMH says Tiffany not worth buyout
The luxury goods giant is ending its takeover deal of luxury jewelry retailer Tiffany & Co., citing in part the threat of proposed U.S. tariffs on French goods. (AP Photo/Thibault Camus, File)PARIS It's an ugly spat for such a glamorous industry: French luxury powerhouse LVMH and U.S. jeweler Tiffany & Co. are blaming each other for the collapse of what would have been the sector's biggest-ever buyout deal. Tiffany sued to enforce the deal, and on Thursday LVMH lashed back. LVMH criticized Tiffany for issuing dividends even as it was losing money, and Tiffanys performance in the first half of this year was significantly worse than that of other LVMH brands during the period. LVMH, had thought the deal would strengthen its position in high-end jewelry and in the U.S. market.
Fendi taps Dior designer Kim Jones to replace Karl Lagerfeld
FILE -- In this Jan. 17, 2020 file photo, designer Kim Jones accepts applause after the Dior Homme Mens Fall/Winter 2020-2021 fashion collection presented in Paris. Rome fashion house Fendi announced Wednesday, Sept. 9, 2020 that Kim Jones is taking over from the late Karl Lagerfeld as creative director of haute couture, ready-to-wear and fur collections. Jones will take on the Fendi duties while staying on as artistic director of Dior Homme. (AP Photo/Francois Mori)ROME Rome fashion house Fendi announced Wednesday that Kim Jones is taking over from the late Karl Lagerfeld as creative director of haute couture, ready-to-wear and fur collections. Jones will take on the Fendi duties while staying on as artistic director of Dior Homme, another house in the Paris-based luxury goods empire of LVMH chief Bernard Arnault.
LVMH will use its perfume and cosmetics factories to manufacture free hand sanitizer for France
Bernard Arnault, billionaire and chief executive officer of LVMH Moet Hennessy Louis Vuitton SE, speaks as the luxury brand announces full year earnings in Paris, France, on Tuesday, Jan. 28, 2020. LVMH is prepping its perfume and cosmetics production sites to manufacture hydroalcoholic gel in the midst of the coronavirus pandemic, the company announced Sunday. The factories that produce perfume and makeup for brands like Christian Dior and Givenchy will be making hand sanitizer starting on Monday. The French luxury conglomerate will deliver the free disinfectant to French authorities and the Assistance Publique-Hpitaux de Paris, the largest hospital system in Europe. "LVMH will continue to honour this commitment for as long as necessary, in connection with the French health authorities."cnbc.com
Bezos loses $7 billion overnight, $18 billion in a month, as market sells off on coronavirus fears
Concerns over coronavirus have roiled markets and torched hundreds of billions in paper wealth from the world's billionaires over the past month. But last night's declines, driven by a drop in oil prices , could be the largest overnight wealth loss in nearly a decade. The world's richest person saw his wealth drop to $110 billion overnight, down from $117 billion, as Amazon's shares fell 7% at Monday's open from Friday's close. The shares recovered slightly midafternoon Monday, but over the past month alone, Bezos' wealth has fallen from $129 billion. Jeff Bezos lost $7 billion in paper wealth overnight, and more than $18 billion over the past month, as Amazon's share price has plunged on fear that the coronavirus outbreak will slow the global economy.cnbc.com
The world's 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says
The world's 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality. Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxury goods group LVMH and has a net worth of $116 billion. Oxfam's report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world's five richest billionaires.cnbc.com