THE WHAT? LVMH CEO Bernard Arnault has beaten Amazon’s Jeff Bezos to take the title as the world’s richest person, with Bezos’ net worth dropping US$13.9 billion last week following Amazon’s Q2 earnings falling short of analyst expectations.
THE DETAILS LVMH shares also fell, dropping 1.4 percent, decreasing Arnault’s net worth by US$2.9 million, however his net worth at week end was US$192.9 million – US$500 million more than Bezos.
Despite Amazon’s stock drop, the company still generated US$113 billion in revenue during Q2, a 27 percent YOY increase. Amazon has predicted that Q3 will also fall below analyst expectations, reaching between US$106 and US$112 billion.
THE WHY? While Amazon’s weaker-than-expected results undoubtedly helped Arnault leap frog Bezos on the rich list, Arnault’s net worth has skyrocketed since the pandemic began, with the luxury beauty company pivoting quickly to manufacture hand sanitizer early on in the crisis.