In a stunning shift atop the global wealth rankings, Oracle co-founder and Chief Technology Officer Larry Ellison has dethroned Tesla CEO Elon Musk to become the world’s richest person. The change, effective Wednesday, marks the first time since 2021 that Musk has not held the title, a position he has frequently ceded temporarily to rivals like LVMH’s Bernard Arnault and Amazon’s Jeff Bezos.
The catalyst for Ellison’s ascent was a historic surge in Oracle’s stock price. The enterprise software giant’s shares skyrocketed nearly 40% following an exceptionally strong earnings report that showcased massive growth in its cloud computing division, fueled by demand for its generative AI infrastructure. This monumental single-day gain added over an astonishing $100 billion to Ellison’s net worth, catapulting him past his longtime friend and neighbor.
Musk’s wealth, by contrast, is notoriously volatile, tied closely to the fortunes of Tesla stock. Recent production challenges and increased competition in the electric vehicle market have contributed to pressure on the company’s share price, causing his net worth to ebb.
Ellison, a flamboyant and outspoken figure in the tech world, co-founded Oracle in 1977 and built it into a database powerhouse. His immense fortune, long among the top five globally, had previously kept him just behind the leading pack. This week’s AI-driven market rally provided the final, monumental push needed to claim the top spot.
The change underscores the immense financial power and investor excitement currently surrounding artificial intelligence, with companies like Oracle seen as critical infrastructure players. For now, the title of the world’s wealthiest individual belongs not to the king of electric cars or space exploration, but to the pioneer of enterprise software and cloud computing.