THE CHANGING FORTUNES OF THE WORLD’S RICHEST

By Gabriela Lopez Gomes

Itwas a rough week for stocks, and the fortunes of some of the world’s richest people took a tumble. U.S. stocks had their worst week so far this year, capped off by a notable drop on Friday in response to inflation data from the U.S. Federal Reserve. The three main U.S. stock indexes were all down this week, with the S&P 500 falling 2.7%, the technology-heavy Nasdaq Composite dropping 3.4% and the Dow down nearly 3%.

French luxury goods magnate Bernard Arnault’s fortune fell $13.2 billion this past week as shares of LVMH declined amid an overall drop in French CAC 40 index. Arnault remains the world’s richest person despite the drop, with a $12 billion lead over No. 2 richest Elon Musk. Chinese EV battery billionaire Robin Zeng’s wealth dropped by $3.4 billion amid reports that the company is lowering prices for some customers, pushing down shares of the Shenzhen-listed company he chairs. And three billionaires whose fortunes are tied to Covid-19 vaccine maker Moderna ended the week with their fortunes around 20% lower as shares fell amid investors’ concerns about the company’s profitability.

We tracked the change in fortunes from the market close on Friday, February 17 through the close on Friday, February 24.

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Here’s how some of the world’s richest people fared this week.

#1. Bernard Arnault

Net Worth: $202.9 bil ? Down $13.2 bil, -6.1%

Country: France | Source Of Wealth: LVMH | View profile

The world’s richest man is one of the biggest losers this week. Shares of the LVMH luxury goods group he chairs. The company fell 5% this week, exceeding the 2% decline in the French CAC 40 index. This week’s drop follows a 2.2% rise in LVMH stock last week after announcing producer and songwriter Pharrell Williams as the new Louis Vuitton men’s creative director.

#2. Robin Zeng

Net Worth: $33.7 bil ? Down $3.4 bil, -9.2%

Country: China | Source Of Wealth: CATL | View profile

The fortune of Zeng, founder and chairman of Contemporary Amperex Technology (CATL), the world’s largest supplier of batteries for electric vehicles, is down $3.4 billion. Shares of CATL dropped 3.5% this week following reports from several media outlets that CATL plans to lower the prices it charges for its EV batteries for certain strategic clients, including Chinese companies Huawei, Li Auto, NIO and Zeekr. Tesla, reportedly CATL’s biggest customer, was not included in this lower-price deal, possibly because it is based in the United States. As Western automakers try to transition from gas cars, some have become reliant on Chinese-made batteries. Ford recently announced it would build a $3.5 billion EV battery plant in Michigan in partnership with CATL.

#3. The Moderna Billionaires

Stéphane Bancel

Net Worth: $4.6 bil ? Down $1.1 bil, -“19%

Country: United States | Source Of Wealth: Moderna | View profile

Noubar Afeyan

Net Worth: $1.6 bil ? Down $400 mil, -20%

Country: United States | Source Of Wealth: Moderna | View profile

Robert Langer

Net Worth: $1.6 bil ? Down $400 mil, -20%

Country: Unites States | Source Of Wealth: Moderna | View profile

Moderna, maker of an mRNA Covid-19 vaccine, lowered it sales expectations for full-year 2023 by at least $2 billion on Thursday. As a result, the company’s shares fell 16.4% this week, knocking Bancel’s fortune down by $1.1 billion, Afeyan’s by $400 million and Langer’s by $400 million. The three men are cofounders of Moderna. The company’s prospects for the near-term future look “unprofitable,” says strategist Karen Andersen of Morningstar Research Services, as it ramps up research spending and as demand for COVID shots has fallen. Moderna has said it will look to other long-term development areas like RSV shots and oncology therapy to make up the sales gap.