On Friday, Francoise Bettencourt Meyers experienced a significant decline in her net worth due to the poor performance of L’Oreal shares. The French cosmetics company, which is partly owned by the billionaire and her family, posted its worst one-day performance since the Great Recession.

Despite the decline, Bettencourt Meyers remains the 15th richest person on the planet and the richest woman, with a wealth significantly greater than the second richest woman, Walmart heiress Alice Walton.

The decline in L’Oreal shares was triggered by a slowdown in the company’s business in Asia, which caused the company’s quarterly sales to fall short of analysts’ estimates. L’Oreal shares fell nearly 8% to a three-month low on Friday.

Bettencourt Meyers owes a significant portion of her wealth to her family’s stake in L’Oreal, where she is vice-chairman of the board. The company has subsidiaries such as Kiehl’s, Maybelline and Garnier. The stock is down 9% year-to-date, resulting in a $25 billion drop in market capitalization.

By Editor

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