Larry Ellison Overtakes Elon Musk as World’s Richest Man After Record $101 Billion Wealth Surge

Elon Musk has officially been dethroned from the pinnacle of global wealth as Oracle cofounder Larry Ellison seized the top spot following a staggering surge in his fortune. In a remarkable turn of events that stunned the financial world on Wednesday, Ellison’s net worth ballooned by an unprecedented $101 billion in a single day, lifting his total wealth to $393 billion and pushing Musk to second place with $385 billion, according to the Bloomberg Billionaires Index. This marks the largest one-day wealth increase ever recorded in the history of the index, underscoring the extraordinary momentum behind Oracle’s meteoric rise in the artificial intelligence sector.

The shift in fortunes was sparked by Oracle’s latest earnings report released Tuesday evening, which revealed record-breaking growth driven by surging demand for cloud services and AI-powered infrastructure. The market responded with unbridled enthusiasm, catapulting Oracle shares more than 40% higher by mid-morning Wednesday, an almost unheard-of leap for a company with a market value nearing $700 billion. Investors were galvanized by CEO Safra Catz’s announcement that Oracle had signed four multibillion-dollar contracts during the quarter, with several more expected in the near future. This bullish outlook cemented Oracle’s growing reputation as a cornerstone in the infrastructure needed to sustain the booming AI revolution.

Much of Oracle’s newfound success comes from its role as a key provider of data center capacity for AI companies whose computing needs are ballooning at historic rates. Just in July, the company struck a groundbreaking deal to supply OpenAI, the creator of ChatGPT, with 4.5 gigawatts of electricity to power its ever-expanding AI software operations. With AI consuming colossal amounts of energy and computing capacity, Oracle has positioned itself not only as a reliable supplier but also as an indispensable player in the global race to build the digital future.

Ellison, who co-founded Oracle in 1977 after dropping out of college, is now reaping the rewards of nearly five decades of relentless pursuit of innovation and market dominance. The 81-year-old billionaire holds the largest individual stake in Oracle, and the massive jump in share price instantly translated into his wealth skyrocketing past that of Musk, who has largely held the title of world’s richest person since 2021. Ellison’s fortune is tied closely to Oracle’s trajectory, and with the company’s stock having doubled by more than 103% this year alone, the result is a record-breaking windfall that has rewritten the hierarchy of global wealth.

For Musk, this marks yet another twist in his rollercoaster journey at the top of the billionaire rankings. The Tesla and SpaceX boss first ascended to the crown in 2021 and, despite periodic dethronements by rivals like LVMH’s Bernard Arnault in 2021 and Amazon founder Jeff Bezos in 2024, has managed to reclaim the position more often than not. His dominance has been fueled by the relentless rise of Tesla’s stock price and the increasing valuation of his other ventures, though his reign has not been without turbulence. Lawsuits, regulatory battles, controversies on social media, and his aggressive acquisition strategies have kept Musk in the spotlight as both a visionary and a provocateur. Most recently, Tesla’s board proposed a compensation package that could eventually make him the world’s first trillionaire if the electric car company hits ambitious milestones.

But Wednesday’s development is a stark reminder of how quickly fortunes can shift in the volatile world of high-stakes technology. Oracle’s ascent highlights the unstoppable momentum of the AI boom, a trend that has propelled companies like Nvidia to become the world’s most valuable firm with a market capitalization above $4 trillion. Microsoft, another AI powerhouse, briefly joined Nvidia above that milestone, further solidifying the dominance of tech in today’s financial markets. Of the eight most valuable stocks in the S&P 500, every single one is tied to AI in some capacity, a phenomenon that underscores how artificial intelligence has become the defining force reshaping global markets.

Ellison’s personal life and business ventures add further intrigue to his story. Beyond Oracle, he owns 98% of the Hawaiian island of Lana’i, where he has invested heavily in sustainable agriculture and tourism. He has also played a central role in reviving the Indian Wells tennis tournament in California, earning it the nickname “the fifth slam” in the tennis world. Known for his flamboyant lifestyle and competitive streak, Ellison has often blended business with personal passion, whether it be in sailing, aviation, or sports. His connections in politics have also made headlines, particularly his close relationship with former President Donald Trump, with whom he was frequently seen at White House technology events. Ellison has also flirted with high-profile acquisitions, including the possibility of buying TikTok, though such plans have yet to materialize.

At 81, Ellison is a striking symbol of endurance in an industry dominated by younger faces. While many of his contemporaries have stepped away from active leadership, Ellison continues to wield enormous influence as Oracle cements its role in powering the AI-driven future. His newfound status as the richest man on Earth is a testament to his ability to adapt, evolve, and seize opportunities at a time when technology is redrawing the map of wealth creation.

For Musk, losing the crown may sting, but it is unlikely to slow him down. His ambitions remain vast, ranging from colonizing Mars to transforming transportation and energy industries. His wealth, still a formidable $385 billion, remains tied to Tesla’s performance and the success of SpaceX, Neuralink, and The Boring Company. As history has shown, Musk is never far from reclaiming the top spot, especially with the possibility of Tesla’s proposed pay package pushing him into uncharted trillionaire territory.

The rivalry between Musk and Ellison is emblematic of a broader trend: the tech titans shaping not only the future of business but also the very foundations of society. Their companies are at the heart of the digital revolution, driving innovation that touches every corner of life, from how we power AI to how we explore space. The shifting tides of their fortunes reflect the lightning pace of technological change and the enormous stakes involved.

As Wall Street digests Oracle’s extraordinary surge and Ellison’s stunning leap into the history books, one thing is clear: the AI boom has created a new battlefield for global wealth, and the winners are being crowned at unprecedented speed. While Musk may return to the top again, for now, Larry Ellison wears the crown as the world’s richest person, a title won not just by luck, but by decades of persistence, vision, and a perfectly timed alignment with the biggest technological wave of our era.