Larry Ellison Overtakes Elon Musk As World’s Richest Person

Oracle co-founder Larry Ellison has dethroned Elon Musk to become the world’s richest person, according to the Bloomberg Billionaires Index.

Ellison’s fortune soared by a record $101 billion in a single day after Oracle reported stronger-than-expected quarterly earnings and signalled rapid growth in its cloud business. The surge pushed his net worth to $393 billion, overtaking Musk’s $385 billion.

The 81-year-old tech mogul’s windfall marks the largest one-day gain ever recorded on Bloomberg’s wealth ranking. Oracle shares, already up 45% this year, spiked another 41% on the news.

Ellison, who is Oracle’s chairman and chief technology officer, holds most of his wealth in company stock.

Musk, who first claimed the top spot in 2021 and regained it last year, had been the world’s richest for just over 300 days. He previously lost the crown to Amazon founder Jeff Bezos and LVMH boss Bernard Arnault.

Tesla shares have slipped 13% this year, denting Musk’s fortune, though a proposed pay package could one day make him the world’s first trillionaire if ambitious performance targets are met.