American business magazine, Forbes, in its 2023 list of 25 richest people in the world, featured Bernard Arnault on the No. 1 spot, followed by Twitter Chief Executive Officer, Elon Musk.
In its previous list in 2022, Musk was on the No. 1 spot.
Forbes described the drop of Musk from the top spot as ” this year’s second-biggest loser”, adding that “Elon Musk, had it worse.”
Musk lost his title of the world’s richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors. Musk, who is worth $39 billion less than a year ago, is now No. 2.
For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.
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.