Oracle’s Larry Ellison Dethrones Elon Musk as World’s Richest Person

Larry Ellison has overtaken Elon Musk as the world’s richest person after Oracle shares skyrocketed on the back of a blockbuster earnings report. The Oracle cofounder’s fortune surged by $101 billion to $393 billion, according to Bloomberg, eclipsing Musk’s $385 billion net worth.

Oracle’s stock soared 36% on Wednesday, its biggest one-day gain since 1992, after the company reported soaring demand for its data center capacity from artificial intelligence clients. CEO Safra Catz revealed that Oracle signed four multibillion-dollar contracts last quarter and expects more in the coming months, positioning the company as a critical infrastructure provider for AI companies with massive computing needs.

Ellison, Oracle’s largest shareholder, reaped the rewards as the company’s backlog for AI services hit $455 billion, a figure one analyst called “staggering.” Oracle’s market value, just under $700 billion at Tuesday’s close, is now approaching the trillion-dollar mark. In July, the company struck a deal with OpenAI to supply 4.5 gigawatts of electricity to fuel its AI software, underscoring its central role in the sector’s explosive growth.

Ellison, 81, has maintained close ties with political leaders, including former President Donald Trump, and has long expanded his influence beyond technology. He owns nearly the entire Hawaiian island of Lana’i and helped transform the Indian Wells tennis tournament into one of the sport’s premier events. He has also been floated as a potential buyer of TikTok, though those plans have not materialized.

While Musk has ceded the top spot, his vast fortune remains tied to Tesla’s performance and a new pay package that could be worth close to $1 trillion if the electric carmaker meets key milestones. Ellison’s rise to the pinnacle of global wealth marks a remarkable milestone for the college dropout who cofounded Oracle in 1977 and turned it into a cornerstone of modern computing.