Having survived the first coronavirus shock, global stocks are gaining ground slowly but surely. Remarkably, some companies set new records amid ongoing market jitters. Chairman, CEO, and founder of Louis Vuitton Moët Hennessy (LVMH) was able to earn a whopping $11.3 billion in a single trading day. Bernard Arnault, who is known as the richest person in Europe, owes such hefty returns to a steady rally in global financial markets. Interestingly, the owner of the world's largest luxury-goods company has got used to sharp twists in investors’ sentiment.
A couple of weeks ago, Bernard Arnault also established a record in terms of financial losses. The wealthiest person in Europe incurred the heaviest losses due to the coronavirus pandemic and a slump in oil quotes. To sum it up, any entrepreneur who handles such a massive capital is immune to shocks of big losses and soaring profits. Nevertheless, even taking into account his large daily returns, Arnault’s fortune has shrunk compared to the value before the economic crisis. In summer 2019, the business magnate was acknowledged to be the third person in history whose net worth exceeded $100 billion. However, in February 2020 the French billionaire abandoned the ranks of the ultra-rich persons. At present, according to the Bloomberg Billionaires Index, his wealth is estimated at $70 billion. The rally in financial markets was triggered by expectations of a stimulus package from the US government, which is aimed for the ailing domestic economy. Amid optimistic expectations, most financial markets closed in the black.
