Amazon CEO Jeff Bezos could lose his title as the richest person in the world this week after LVMH CEO Bernard Arnault signed to buy the jewelry giant Tiffany for $16 billion.
According to CNN, the deal led to Arnault’s net worth jumping more than 1% Monday and another 3% on Tuesday.
The French business magnate’s net worth is over $108 billion, while Bezos is still on top with a net worth of about $111 billion, according to Forbes' real-time list of the world's billionaires.
LVMH has 75 brands, ranging from wines to cosmetics targeted for the upmarket sector. Some of them include Dom Pérignon, Moet & Chandon, and Christian Dior and Givenchy.
Arnault's move comes days after Bill Gates briefly regained his title as the world’s richest person for the first time in two years. The Microsoft founder was ahead of Bezos after Amazon's quarterly earnings results, but the Amazon guru managed to reclaim his spot.
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Bezos has seen his fortune take a hit after divorcing from MacKenzie Bezos in January. His ex-wife received a quarter of the couple's Amazon’s holdings in July, and is No. 25 on the Forbes list, at $35.2 billion.
Other notable billionaires near the top of the list are Berkshire Hathaway CEO Warren Buffett, Facebook’s Mark Zuckerberg and Oracle founder Larry Ellison.
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This article originally appeared on USA TODAY: LVMH's Bernard Arnault could top Jeff Bezos as world's richest person