The Journal. The Case of the Missing $15 Billion Fortune: Part 1
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Nov 25, 2025 
Join Wall Street Journal reporter Nick Kostov as he dives into the bewildering case of Nicolas Puech, the Hermès heir who mysteriously lost his $15 billion in shares. Kostov explores Puech's lavish lifestyle, sudden decisions to cancel foundation gifts, and allegations of manipulation by his handyman. Unravel the past as he investigates LVMH's secretive attempts to acquire Hermès and the chaos surrounding bearer shares that obscured ownership. This financial mystery is packed with intrigue and unexpected twists!
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Reporter’s Alpine Quest To Meet Puech
- Nick Kostov traveled by train and drove through the Swiss Alps to reach the tiny hamlet of Ferre to find Nicolas Puech.
- He described Ferré as remote with about a dozen houses and breathtaking views that contrasted the ensuing financial mystery.
Puech’s Enormous Stake And Quiet Lifestyle
- Nicolas Puech inherited roughly 6% of Hermès, about six million shares, making him a top individual shareholder.
- He lived off dividends for decades and planned to leave his fortune to a foundation rather than heirs.
No Heirs, A Foundation Was Planned
- Puech, now in his eighties, never married and had no children, so he created a foundation to inherit his wealth.
- The foundation expected a gift around $15 billion and prepared accordingly.