Forbes names Musk as world's richest man

American entrepreneur Elon Musk has topped the list of the richest people in the world according to Forbes, Report informs.

Elon Musk remains the world’s No. 1 richest person, worth $340 billion. That’s $19 billion less that at the beginning of March, as a result of an 11.5% fall in the price of Tesla shares. Sales weakened in places like California and in Europe, and protesters have been picketing outside Tesla dealerships, angry about Musk’s very active efforts to drastically reduce the federal government payroll. Meanwhile, Chinese competitor BYD announced it plans to build a charging net work in China that will take just five minutes for a fast charge.

Jeff Bezos overtook Mark Zuckerberg to reclaim the No. 2 rank–mainly because Zuckerberg’s fortune plummeted more than Bezos’ did. Shares of Facebook parent Meta–which hit a record high in February–tumbled nearly 14% during March, wiping $31 billion off Zuck’s fortune, which fell just below $200 billion to an estimated $199.3 billion. Bezos’ fortune, meanwhile, declined nearly $20 billion, leaving him worth about $8 billion more than Zuck at $206.9 billion, Forbes estimates.

Warren Buffett was the only one of the top 10 richest whose fortune rose in the past month, up nearly $5 billion—enough to move him to No. 5 from No. 6 on March 1. The Class A shares of Berkshire Hathaway, the investing conglomerate Buffett runs, climbed about 3% in the past month, putting his fortune at nearly $166 billion.