The 10 Biggest Billionaire Losers In Stock Market Volatility Have Lost A Combined 76 4 Billion In A Week

French luxury goods tycoon Bernard Arnault has seen the biggest loss to date. He’s down another $14 billion. Lower demand for luxury goods, especially from the previously booming Chinese market, has driven shares of Arnault’s LVMH tumbling. After all, one does not need a new Dior handbag when one is sheltering in place during a global pandemic, so it makes sense why Arnault’s business, in particular, has been hit so hard. Combined with the literal shut down of the country of Italy – where LVMH has manufacturing operation – it is not hard to see why LVMH, which owns Moet & Chandon, Tiffany’s, Dior, and a number of other high-end luxury brands, is struggling right now. Fellow French billionaire Francois Pinault, honorary chairman of luxury goods company Kering, which owns Gucci and Saint Laurent, has seen $5.9 billion of his net worth evaporate under the current market conditions. Leonardo del Vecchio, the founder of eyewear company Luxottica, has lost $4.6 billion. Luxottica is headquartered in Milan, which is under lockdown due to the spread of the coronavirus in Italy. By now, COVID-19 has spread to every continent except Antarctica. Elon Musk, who tweeted on March 6 that “coronavirus panic is dumb,” has seen his net worth decline by $5.5 billion, an 18% drop, after Tesla shares declined 22%.  Reportedly, Musk emailed SpaceX employees to tell them that they are more likely to die in a car accident than from COVID-19. If the stock market continues its downward trajectory, Musk stands to lose his $346 million payday, which is tied to Tesla’s valuation/stock performance. Musk may think the panic is dumb (and possibly has that payday in mind) but so far at least, Tesla investors don’t agree with him. Below are the 10 biggest billionaire losers to date. Leonardo Del Vecchio Source of wealth: Luxottica Net worth change: -$4.9 billion Laurene Powell Jobs Source of wealth: Apple Net worth change: -$4.9 billion Elon Musk Source of wealth: Tesla Net worth change: -$5.5 billion François Pinault Source of wealth: Kering Net worth change: -$5.9 billion Mukesh Ambani Source of wealth: Reliance Industries Net worth change: -$6.1 billion Jeff Bezos Net worth change: -$6.4 billion Carlos Slim Helu Source of wealth: America Movil Net worth change: -$7 billion Françoise Bettencourt Meyers Source of wealth: L’Oréal Net worth change: -$8.9 billion Amancio Ortega Source of wealth: Inditex Net worth change: -$12.8 billion Bernard Arnault Source of wealth: LVMH Net worth change from March 6 to March 13: -$14 billion