American business magazine, Forbes has ranked Bernard Arnault first on its list of the world’s 25 richest people in 2023, followed by Twitter CEO Elon Musk.
Musk was ranked first on the previous list in 2022.
Describing his fall from first place, Forbes said Musk is “this year’s second-biggest loser,” adding that “Elon Musk had it worse.” according to The Nation Newspaper.
Following his expensive purchase of Twitter, which he partially paid for by selling Tesla shares that alarmed investors, Musk lost his position as the richest man in the world. Musk is now placed second, but his value has decreased by $39 billion since last year.
As Amazon shares fell 38% this year, Jeff Bezos’ fortune saw him fall from No. 2 in the world in 2022 to No. 3 this year.
Also, among the top 25, two billionaires — Zhang Yiming, Changpeng Zhao lost their spots and were unable to make it on the list for this year.
Yiming, the founder of Tik Tok-parent Bytedance, dropped one place, from No. 25 to No. 26, as his embattled company has taken a haircut from investors while Zhao, Binance founder, known as CZ, fell from No. 19 last year all the way to No. 167 amid the crypto winter.