TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers deep insights into Kenyan and global economic trends.

Elon Musk continues to hold the top rank on Forbes' most recent list of the richest people in the world as of Saturday, June 7, 2025.

The US billionaire who owns Tesla, SpaceX, xAI, X and other companies leads with an estimated net worth of $393.8 billion (KSh 50.9 trillion) on the real-time billionaires list.

He is followed by Mark Zuckerberg (Meta) with $240.8 billion (KSh 31.1 trillion), and Jeff Bezos (Amazon) with $228.1 billion (KSh 29.5 trillion).

Larry Ellison (Oracle) holds $213.3 billion (KSh 27.6 trillion), Warren Buffett (Berkshire Hathaway) has $154 billion (KSh 20 trillion), and Larry Page (Google) follows with $143.9 billion (KSh 18.6 trillion).

Others in the top ten list are Bernard Arnault & family ($142.8 billion), Sergey Brin ($137.7 billion), Steve Ballmer ($135.2 billion) and Amancio Ortega ($126 billion).

As the value of Tesla's stock dropped, Musk lost an estimated $26.7 billion (KSh 3.5 trillion).

This came after his contentious social media heated exchanges with US president Donald Trump.

According to Forbes, Tesla's stock dropped 14%, or $47 (KSh 6,073) a share, to $285 (KSh 36,823) on Thursday, June 5,

Tesla's stock fell to its lowest level in four weeks, trading more than 40% below its top in December 2024 when investors flocked to the stock on the hope that Musk's support of Trump would boost the highly regulated company's autonomous projects.

Trump's proposal to cancel federal contracts and subsidies to Musk's companies on Thursday heightened a feud between the president and the world's richest person.

Musk's largest businesses, SpaceX and Tesla, benefit from multiple government programmes, such as contracts for moon landings and incentives for electric cars.

Musk threatened to put SpaceX's plans for manned spaceships on hold in response to Trump.

In other news, the aggregate wealth of African billionaires increased by $900 million (KSh 116.46 billion) from $81.5 billion (KSh 10.55 trillion) in 2024.

Once again at the top of the list of Africa's richest people is Nigerian business magnate Aliko Dangote, whose estimated net worth as of March 2025 was $23.9 billion (KSh 3.09 trillion).

It is anticipated that the continent's economic growth will increase from 3.4% in 2024 to 3.7% in 2025 and then to 4.0% in 2026.

This upward trend is indicative of recoveries in important economies propelled by important sectors like manufacturing.

Source: TUKO.co.ke