Arnault and Musk lose £68bn in just six months as value of their companies tumbles
Two of the world’s richest men lost nearly £70billion in the first six months of the year as the valuation of their companies tumbled.
Tesla boss Elon Musk managed to cling on to his position as the wealthiest person in the world with a fortune of £268billion despite taking a £48billion hit since January.
His electric car firm’s share price slumped nearly 16 per cent in the six months to the end of June. Meanwhile, Bernard Arnault, the boss of Louis Vuitton and Dior parent company LVMH, saw his fortune shrink by £20billion.
LVMH has seen its share price tumble more than 29 per cent this year. A slowdown in the sale of luxury goods has left the French tycoon with £109billion, according to the Bloomberg Billionaires Index.
But Facebook founder Mark Zuckerberg boosted his fortune by £37billion in the first six months of the year, taking his wealth to £189billion.
And Amazon boss Jeff Bezos is worth £4billion more than at the start of the year, taking his fortune to £178billion.
Losses: Tesla boss Elon Musk, right, has seen his fortune take a £48bn hit since January while Bernard Arnault, left, the boss of LVMH, saw his wealth shrink by £20bn
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.