February 27, 2024 11:38 am
Richest Woman in the World’s Wealth Decreases by $7 Billion as L’Oreal Experiences Worst Day in Over a Decade

The net worth of Francoise Bettencourt Meyers, the world’s wealthiest woman, was hit hard on Friday due to the poor performance of L’Oreal shares. The French beauty company is partially owned by Bettencourt Meyers and her family, and it registered its worst single-day performance since the Great Recession.

Bettencourt Meyers and her family’s fortune fell by $6.9 billion to $91.7 billion on Friday, making her the biggest loser among billionaires that day. Despite this setback, she remains the 15th-richest person on the planet and the richest woman, with a significantly larger fortune than the second-richest woman, Walmart heiress Alice Walton.

The decline in L’Oreal’s stock, which dropped nearly 8% to a three-month low, was sparked by a slowdown in the company’s Asia business. This caused the firm’s quarterly sales to fall short of analyst estimates.

Friday marked the single worst day for Paris-listed shares of L’Oreal since October 27, 2008 according to FactSet data. Bettencourt Meyers owes a significant portion of her wealth to her family’s stake in L’Oreal where she serves as vice chairwoman of board of directors. Europe’s sixth most valuable company by market capitalization owns subsidiaries such as Kiehl’s, Maybelline and Garnier. The company’s stock has seen a 9% decline year-to-date resulting in a $25 billion reduction in market capitalization.

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