Tech billionaire Elon Musk has lost his crown as the world’s richest person to Oracle cofounder Larry Ellison who has taken the top spot following an unprecedented surge in his wealth.
According to Bloomberg’s Billionaire Index Report, Ellison’s fortune jumped by $101 billion in just one day, reaching $393 billion.
Musk’s net worth now stands at $385 billion, pushing him to second place.
Bloomberg described Ellison’s gain as the single biggest one-day increase ever recorded on its index.
The massive leap came after Oracle posted stunning earnings on Tuesday evening.
Demand for Oracle’s data center services has skyrocketed as artificial intelligence companies hunt for more computing power.
Shares surged 40% by mid-morning Wednesday, sending the company’s market value close to $700 billion.
Oracle CEO Safra Catz revealed the company recently signed four multi-billion-dollar contracts with AI customers and expects more deals soon.
In July, Oracle also announced a landmark partnership with OpenAI to provide 4.5 gigawatts of electricity for its AI operations.
Ellison, who owns the largest individual stake in Oracle, directly benefited from the stock rally.
His newfound position underscores Oracle’s transformation into a key player in the AI technology boom. The company’s shares are already up 103% this year.
At 81, Ellison is no stranger to bold business moves. He dropped out of college to cofound Oracle in 1977 and has since built it into a global powerhouse.
Beyond business, he owns 98% of the Hawaiian island of Lana’i and is known for reviving California’s Indian Wells tennis tournament, dubbed the “fifth slam.”
Elon Musk, who first captured the “world’s richest” title in 2021, has seen his fortune rise and fall with Tesla and SpaceX.
He previously lost the spot twice to Bernard Arnault in 2021 and Jeff Bezos in 2024 but quickly regained it.
Musk also recently secured a new Tesla pay package that could be worth close to $1 trillion if performance milestones are hit.
Ellison’s rise comes as tech giants continue to dominate global markets. Nvidia recently became the world’s most valuable company, crossing $4 trillion in valuation.
Microsoft briefly joined it above the $4 trillion mark, and the eight largest S&P 500 stocks are all tech companies riding the AI wave.
For now, the AI boom has handed Ellison the ultimate prize: the richest person on earth
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