As long as I’m not the richest man in the world, I won’t really be happy,” Bernard Arnault once said. The day has come. Arnault, the founder and CEO of luxury goods conglomerate LVMH, went from being the richest person in the world to the fifth-most after a 20% drop in his company’s stock price,

All may not be going well for Bernard Arnault, who owns luxury brands Louis Vuitton and Dior, after a whopping $54 billion wipeout.