Oracle co-founder Larry Ellison claimed the title of the world’s richest person on Wednesday as his company’s stock surged dramatically, overtaking longtime leader Elon Musk, according to Bloomberg.
Ellison, the 81-year-old college dropout, now has an estimated net worth of $393 billion, surpassing Musk, who first became the world’s richest person four years ago. Tesla, one of Musk’s major holdings, has moved in the opposite direction, falling 14% so far this year through Tuesday.
The sudden shift came after Oracle released a blockbuster earnings report, fueled by multibillion-dollar contracts as the race for artificial intelligence dominance accelerates.
Different trackers show slightly different results. Forbes still lists Musk at the top with $439 billion, while Bloomberg values him at $385 billion. The discrepancy arises from varying estimates of Musk’s private assets, including SpaceX and X, formerly known as Twitter.
Ellison’s gains are staggering. His fortune could theoretically support 5 million American households for a year, roughly the population of Florida, allowing them to quit work while maintaining median U.S. income. Another way to visualize it is that he could fund a yearlong national vacation for South Africa, based on the country’s GDP.
Owning roughly 40% of Oracle, Ellison saw his net worth swell by $100 billion in just over half an hour after the stock market opened. Oracle reported more than $300 billion in new contracts and projected cloud infrastructure revenue to jump 77% to $18 billion this fiscal year, climbing to $144 billion in four years. About these projections, Ellison reportedly said, “AI Changes Everything.”
Musk has hoped for similar growth at Tesla but has struggled to convince investors. Electric car sales have not rebounded as promised, prompting Musk to shift attention to Tesla’s robotics and AI initiatives. Despite his efforts, negative developments keep surfacing.
European Union sales of Tesla vehicles dropped 40% this summer, marking the seventh consecutive month of declines. In the U.S., buyers frustrated by Musk’s political endorsements, including his support for Donald Trump on X, have avoided showrooms, eroding Tesla’s market share.
