Bernard Arnault Spent €215 Million Buying Dip in LVMH Stock
Billionaire purchased shares amid negative August performance!
Arnault’s wealth has tumbled from an all-time high in mid-July
Tweet on LVMH buying the dip shares
Bernard Arnault Spent €215 Million Buying Dip in @LVMH Stock
Billionaire purchased shares amid negative August performance, as per Bloomberg#fashion #shares #LVMH pic.twitter.com/KgHoWWGbG1
— The_Journalbiz (@the_journalbiz) September 8, 2023
Bloomberg chart on LVMH
Billionaire Bernard Arnault has bought €215 million ($230 million) of LVMH shares since the luxury conglomerate’s disappointing earnings in late July contributed to a drop in the stock price.
Arnault began buying LVMH Moet Hennessy Louis Vuitton SE three days after the July 25 earnings report, French regulatory filings show.
The stock has slumped 14% since then, weighed down by slowing economies in China and the US, persistent inflation and rising interest rates.
The French businessman and his family own about 48% of LVMH’s shares with almost 64% of the voting rights. Arnault, the world’s second-wealthiest individual, regularly buys LVMH stock, with breaks for the blackout periods around earnings reports, the filings show.
- LVMH’s second-quarter results showed the organic revenue falling 1%.
- That performance spooked investors, with shares dropping 5.2% the next trading session.
The 7.8% drop in LVMH shares last month was the biggest monthly decline since December.
