THE WHAT? LVMH Chairman Bernard Arnault has earned back $11bn as stocks surged following news of the huge U.S. stimulus package – the biggest trading-driven gain witnessed in the history of the Bloomberg Billionaires Index, according to Bloomberg.
THE DETAILS The luxury goods entrepreneur, and Europe’s richest man, has been hit the hardest in the world since the outbreak of COVID-19, with the swings of the global markets causing his fortunes to continually increase and decrease.
THE WHY? Despite the financial relief following the surge in shares of LVMH and Christian Dior, Arnault is still down $35.2 billion thus far in 2020.
Arnault has been active in the fight against the virus, having enlisted is company to finance the delivery of millions of medical masks to France, while instructing a New Orleans-based Dior factory to adapt production to produce hand sanitizer.