Larry Ellison has overtaken Elon Musk to become the world’s richest person, following a historic surge in Oracle’s stock. Ellison’s net worth soared by $101 billion to $393 billion after Oracle’s earnings stunned Wall Street. Bloomberg reported that the jump lifted him past Elon Musk, whose fortune now stands at $385 billion.
Oracle shares rocketed 36% on Wednesday, their biggest one-day gain since 1992, fueled by booming demand from AI companies. The surge boosted Oracle’s market value by $244 billion to $922 billion, vaulting it into the top 10 most valuable S&P 500 firms and ahead of giants like Walmart, JPMorgan Chase, and Eli Lilly.
According to Bloomberg, Ellison’s $101 billion leap is the largest one-day wealth gain ever recorded. The milestone firmly places Larry Ellison ahead of Elon Musk in the global billionaire rankings.
Oracle CEO Safra Catz revealed that the company signed four massive AI infrastructure contracts last quarter and expects several more in the coming months. In July, Oracle also struck a deal to provide OpenAI with 4.5 gigawatts of electricity to run its AI software.
“Oracle’s $455 billion backlog in AI services is staggering,” said Ben Reitzes of Melius Research. He called the earnings report “one we’ll be talking about for a long time.”
The stock’s extraordinary rally prompted analysts at Citi and Bank of America to upgrade Oracle to “buy” and raise their price targets. Larry Ellison, Oracle’s largest shareholder, was the clear winner, rising past Elon Musk to the top of Bloomberg’s Billionaires Index.
What the Shift Means for Elon Musk and Larry Ellison
Elon Musk has dominated the billionaire rankings since 2021, thanks to Tesla and SpaceX. But Tesla’s 14% stock decline this year chipped away at his fortune. Even with a massive pay package approved that could eventually be worth $1 trillion, Musk’s wealth fell short of Larry Ellison’s after Oracle’s stunning rally.
Musk has previously lost the crown twice. Once to Bernard Arnault in 2021 and again to Jeff Bezos in 2024. This latest shift underscores how quickly fortunes can change in the tech-driven economy.
Larry Ellison’s journey to the top began in 1977 when he co-founded Oracle. At 81, he owns 98% of the Hawaiian island of Lana’i and is credited with reviving California’s Indian Wells tennis tournament. His influence stretches into politics and business, with close ties to former President Donald Trump.
Now, with Oracle riding the AI wave, Larry Ellison has seized the title of the world’s richest person, surpassing Elon Musk. Both men remain symbols of how innovation, technology, and market momentum can transform wealth on a global scale.
