Larry Ellison Surpasses Elon Musk as World’s Richest Person
Big news has come out of the financial world: Elon Musk is no longer the world’s richest person. That title has just been claimed by Larry Ellison, the cofounder of Oracle. And the way it happened is nothing short of remarkable.
Ellison’s fortune was boosted in dramatic fashion after Oracle reported earnings that blew past expectations. The company’s stock soared more than 40% in a single day, marking its biggest one-day jump since 1992. That rally wasn’t just a typical stock market move — it was fueled by exploding demand for Oracle’s cloud services and infrastructure, especially from companies building artificial intelligence. As a result, Ellison’s net worth skyrocketed by about $101 billion, reaching $393 billion. By comparison, Elon Musk’s wealth now stands at roughly $385 billion, according to Bloomberg’s Billionaires Index.
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What pushed Oracle into the spotlight was its growing role as a key supplier of the massive computing power needed to fuel AI. CEO Safra Catz revealed that Oracle signed four multibillion-dollar contracts last quarter, with more expected soon. In fact, Oracle’s backlog for AI-related services is now valued at around $455 billion — a staggering figure that stunned Wall Street analysts. One even described the company’s latest earnings report as something “we’ll be talking about for a long time.”
Oracle’s partnership with OpenAI earlier this year also showed how central it has become to the AI boom. The company agreed to provide 4.5 gigawatts of power to support ChatGPT and related services, highlighting just how massive the demand has grown. Investors clearly took notice, pushing Oracle closer to a $1 trillion market valuation, something almost unthinkable for a company that has been around since the late 1970s.
Ellison himself is no stranger to long-term success. At 81 years old, he remains Oracle’s largest shareholder and one of the most colorful figures in the tech industry. He famously owns 98% of the Hawaiian island of Lana’i and has invested heavily in sports, including reviving the Indian Wells tennis tournament. His business ties with political figures, including former President Donald Trump, have also kept him in the headlines over the years.
Elon Musk, meanwhile, had held the crown of world’s richest person since 2021, apart from a few brief interruptions when Bernard Arnault and Jeff Bezos briefly overtook him. His wealth is still heavily tied to Tesla and SpaceX, and he even has a massive compensation package in place that could one day push his fortune much higher again.
But for now, the spotlight has shifted. Larry Ellison, who started Oracle nearly five decades ago after dropping out of college, has become the world’s richest man. His rise is powered by the AI wave sweeping through global markets — and it’s a clear signal of where the next big fortunes are being made.
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