‎Larry Ellison Surpasses Elon Musk as World's Richest Person After Oracle Stock Surge

By: Shawn
‎Oracle cofounder and executive chairman Larry Ellison has overtaken Tesla CEO Elon Musk to become the world’s richest individual, according to the Bloomberg Billionaire’s Index. The shift occurred after a dramatic surge in Oracle’s stock price, driven by major wins in its cloud infrastructure business.
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‎Larry Ellison overtakes Elon Musk as the world’s richest person, fueled by Oracle’s cloud growth and billion-dollar AI contracts.
‎Anna Moneymaker/Getty Images
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‎Ellison, 81, saw his fortune climb to $393 billion, surpassing Musk’s $385 billion. The jump followed a $101 billion overnight increase in Ellison’s net worth after Oracle’s shares surged by double digits in after-hours trading on Tuesday and continued to rise by more than 40% in Wednesday morning trading. Oracle’s stock has now doubled in value year-to-date.
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‎A significant portion of Ellison’s wealth is tied to his ownership of more than 40% of Oracle. The company’s rapid rise is linked to the booming demand for cloud services, particularly from artificial intelligence firms. Since the release of ChatGPT in 2022, AI companies have competed heavily for advanced large language models, fueling demand for Oracle’s infrastructure.
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‎Oracle recently reported winning several billion-dollar contracts in its latest quarter, projecting $455 billion in revenue—a sharp increase compared to the previous year. CEO Safra Catz noted that more multibillion-dollar clients are expected to sign agreements before the end of the year.
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‎The recent gains in Oracle’s stock lifted Ellison past Meta CEO Mark Zuckerberg and ultimately past Musk, who had held the top position since reclaiming it in 2024. Musk first became the world’s richest person in 2021 before alternating titles with Amazon’s Jeff Bezos and LVMH’s Bernard Arnault in subsequent years.
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‎Tesla, by contrast, has faced setbacks. Its shares are down 13% year-to-date, and its U.S. market share has dropped to the lowest level since 2017, according to data from Cox Automotive.
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‎Musk may still see a rebound. Last week, Tesla’s board proposed a pay package that could make him the first trillionaire, contingent on meeting ambitious performance targets, including an eightfold increase in Tesla’s stock price over the next decade.

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