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Eighteen billionaires saw their net worth drop by $1 billion or more on Monday. Stocks plummeted as China devalued its currency reportedly to its lowest level against the dollar since 2008. The change followed President Donald Trump’s announcement on Thursday that he would continue to impose tariffs on Chinese imports.
The day’s biggest loser was LVMH CEO Bernard Arnault of France, whose net worth fell by $4 billion, to $91.7 billion. The weakened Chinese currency will make foreign goods, like LVMH’s luxury handbags and perfumes, more expensive to Chinese consumers. LVMH has otherwise enjoyed a positive year. Shares are up 11% in the last 12 months, in part because Chinese markets have boosted sales at several of its brands, including Givenchy cosmetics and Berluti menswear, according to the company’s
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Every one that works took a hit
When this affects the richest people its known to ‘capitulate’ for personal income reasons...
Oh no. What will we do?!?
that’s so sad. Now they’ll have to decide between life saving medical supplies and food for their families, right? * sarcasm mode off. 🙄
Republicans crash the economy every time they seize power. Every damn time.
For them that loss is like for us 10$.
😂😂😂😂😂
Poor guys 😪
Stonks
🤷🏻♂️
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