Former finance minister Sunak, the betting favorite, had just lost the contest to Liz Truss.
Ben Wallace, the defense minister, and Jeremy Hunt, the current finance minister, follow him. Penny Mordaunt is next. Since Mr. Hunt declared he wouldn't run, former Prime Minister Boris Johnson has moved to fourth place on the list of favorites.
If the Conservatives can find a prime minister who can hold the position for a long time, they will remain in power until December 2024. Liz Truss will continue to serve as chair until the party elects a new leader the following week.
Just before the Covid epidemic struck in the first half of 2020, Rishi Sunak was appointed Chancellor of the UK Exchequer (in effect, finance minister).
However, due to his wealth, even members of the party questioned if he could comprehend the choose-heating-or-eating economic position of the regular people.
The billionaire is married to Indian tech heiress Akshaya Murty, whose father, NR Narayana Murthy, established Infosys. The millionaire is the finance-expert son of parents of Indian descent who immigrated to the UK from Africa decades ago.
It has also been questioned if he did use tax loopholes to avoid paying. The 42-year-old, an MP since 2015, resigned in July, just before Boris Johnson, who was dogged by scandals.
In his resignation letter, Rishi Sunak stated that politics should "be done correctly, competently, and sincerely."
In his resignation letter, he stated, "I recognize that this may be my final ministerial position, but I feel these values are worth fighting for. He then competed for the top job but lost to Liz Truss.
The current Leader of the House of Commons, Penny Mordaunt, finished behind Liz Truss and Rishi Sunak in the race for the Tory party leadership.
She had supported Liz Truss after withdrawing from the contest. Penny Mordaunt recently stated in a newspaper piece that "Britain needs stability, not a soap opera" as Liz Truss's popularity began to fade.
The 49-year-old, formerly a reality TV star, is currently the only woman competing.
The BBC refers to her as "the Brexiteer who is liked by the grassroots." In a 2016 referendum, she was a vocal supporter of Britain leaving the European Union.
When Mr. Johnson resigned, Ben Wallace, 52, who served as the defense secretary under Boris Johnson and Liz Truss, was the betting favorite. He did not, however, opt to run.
He claimed to be a former soldier who wanted to concentrate on "keeping our magnificent country secure." Later, he gave Liz Truss his support.
Two days prior, he threatened to resign if Liz Truss broke her commitment to devoting 3% of the UK's GDP to defense by 2030.
After reports of parties at his official house during the Covid shutdown appeared, Boris Johnson, the ever-colorful and frequently controversial former mayor of London, was forced to resign after serving more than three years.
But that wasn't the only controversy that cost him his head. He has frequently been accused of racism in connection with his newspaper writing.
His support for Brexit is viewed as his signature moment of propulsion to the serious political plane. He has been a top Tory for more than twenty years.