The tussle for the position of the richest person in the world between Amazon founder Jeff Bezos and LVMH chief Bernard Arnault has taken yet another turn.
For the third time this week, Arnault has overtaken Bezos and again occupied the top spot; with an estimated net worth of $190.1 billion, compared to Bezos’ $188.5 billion.
The fortune of Bernard Arnault grew by $1.8 billion overnight; after LVMH shares closed 1% higher on Thursday in Europe. Amazon shares were trading less than 1% lower at the time; translating to a nearly $700 million decline in Jeff Bezos’ net worth.
Since the beginning of the week, the two men have collectively gotten nearly $7 billion richer.
Both men have been busy buying and selling shares lately.
Arnault bought $657 million worth of LVMH shares between January and May. The stock is up by more than 26% since the start of the year on the back of strong sales of luxury fashion and jewelry in China and the U.S.
Meanwhile, Bezos has been selling: since announcing in February that he would step down as CEO of Amazon later this year, Bezos sold $6.6 billion (pre-tax) worth of the e-commerce giant’s shares over three weeks in May.
On Wednesday, Bezos announced he will hand over the chief executive reins on July 5.