Oracle co-founder Larry Ellison has overtaken Tesla CEO Elon Musk as the world’s richest man, according to the Bloomberg Billionaires Index, ending Musk’s nearly year-long reign at the top.
Ellison’s net worth surged by a record-breaking $101 billion in a single day on Wednesday, following Oracle’s quarterly earnings that beat Wall Street expectations and pointed to sustained momentum in its cloud computing business. The jump lifted his fortune to $393 billion, edging past Musk’s $385 billion.
The 81-year-old tech magnate, who remains Oracle’s chairman and chief technology officer, holds the bulk of his wealth in Oracle stock. Bloomberg reported that his gain represents the single largest one-day increase ever recorded in the Billionaires Index.
Musk, who first became the world’s richest person in 2021, has since traded places with Amazon founder Jeff Bezos and LVMH chief Bernard Arnault. He reclaimed the crown last year but has now slipped after Tesla’s shares fell 13 percent this year, shaving billions off his fortune.
Despite the setback, Musk could stage a comeback. Tesla’s board has proposed an unprecedented pay package that analysts say, if approved and achieved, could potentially make him the world’s first trillionaire.
Ellison’s rise marks a new chapter in the race among tech titans for global wealth dominance, underscoring how shifts in markets can reshape the hierarchy of the ultra-rich almost overnight.
