Amazon CEO, Jeff Bezos, has taken the backseat in the race for the richest person in the world. His net worth plummeted by $13.9 billion in one day after Amazon’s stock decreased by 7% after Amazon’s reported growth was less than anticipated.
According to Market Watch, “The drop in Bezos’ net worth allowed for French tycoon Bernard Arnault to claim the No. 1 spot of the ultra-wealthy. Arnault heads the luxury goods conglomerates, whose subsidiaries include Louis Vuitton, Sephora, Christian Dior, Moët & Chandon, and Tiffany & Co.” Arnault is worth $192.9 billion, which is approximately $500 million more than Bezos. Take that, Jeff!
Arnault has shockingly become $100 billion richer during the first year of the pandemic as people are shopping for luxury goods like it’s Christmas. Perhaps people are blowing those stimi checks on luxury goods instead of paying their bills or saving for the future? You gotta wonder if Bezos’ ego is bruised after losing the top spot and vying for any bit of limelight he can get. (For example, that spectacle of rocketing himself into space while Amazon employees complained of mistreatment).
The race for the richest person in the world? Can’t relate. I’m just worried about paying off my credit card bill and paying my monthly rent, all while still being able to enjoy my drinks on the weekends. Cheers!