Louis Goss is a MarketWatch reporter based in London.
Amazon.com founder Jeff Bezos has overtaken French billionaire Bernard Arnault to become the second-richest person in the world, as tech stock have surged and demand for high-end handbags and other luxury items has softened.
Bezos has, alongside his fellow tech billionaires, seen his net worth bulge this year, on the back of a 54% surge in Amazon’s stock price since the start of 2023, following a series of strong results from the e-commerce giant. That’s after a 49% drop in 2022. LVMH’s disappointing results may have signaled the end of the boom in demand for expensive Champagne and handbags that has buoyed luxury goods sellers since the start of COVID-19.
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