Bernard Arnault founder and CEO of  LVMH witnessed a major drop in world’s richest ranking after his company’s stock price fell by 20% resulting in $54 billion loss in his net worth.  As per Bloomberg Billionaire Index Arnault had a net worth of $231 in late March that placed him ahead of Tesla’s Elon Musk Amazon founder Jeff Bezos and Meta CEO Mark Zuckerburg but on September 23 Arnault’s net worth was $177. The drop ranked him lower than all above mentioned executives including Oracle co-founder Larry Ellison.  Arnault’s LVMH noted a drop of 16% in stocks and was trading at $132 per share. Arnault is the owner of 48 % of the luxury conglomerate. It is reported that he lost $30 billion of his net worth and became the biggest loser this year.  LVMH’S CFO admitted that he also had no clue why the company’s volume was down double digits. LVMH did not come up with any official statement over the losses.  Despite a lower net worth Arnault is still well off than former Microsoft CEO Bill Gates Steve Ballmer Warren Buffett Michael Dell Nvidia CEO Jensen Huang Mukesh Ambani of Reliance  Industries and Gautam Adani.