Jeff Bezos is no longer the richest person on the planet, and this time it’s not because he physically left earth in a Blue Origin rocket. Amazon stock cratered 7.6% Friday after the company reported second quarter earnings Thursday afternoon—shaving $13.9 billion off its founder’s fortune in one day and pushing Bezos behind French tycoon Bernard Arnault.
Shares of Arnault’s luxury goods conglomerate LVMH fell by 1.4% Friday, making Arnault $2.9 billion poorer as well, but he still finished the week with an estimated net worth of $192.9 billion, $500 million ahead of Bezos. The two played leapfrog for the top spot in late May and early June, but Bezos had spent the last 50 days as the world’s richest person, notwithstanding his brief interstellar excursion on July 20.
After Arnault got more than $100 billion richer during the first year of the pandemic, LVMH’s rally has plateaued for most of the summer. Arnault owns a 47% stake in the company, which has a market…