Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest person, according to the Bloomberg Billionaires Index. Ellison’s net worth soared by $101 billion to $393 billion after Oracle’s quarterly earnings report exceeded expectations, marking the largest single-day wealth gain ever recorded by the index. Musk now holds a net worth of $385 billion.
The dramatic shift in rankings follows a 41% surge in Oracle’s stock on Wednesday, its biggest single-day gain since 1992. The surge was driven by soaring demand for Oracle’s cloud infrastructure, particularly from AI companies. Oracle CEO Safra Catz announced the company had secured four multibillion-dollar contracts and expects more in the near future.
“Microsoft and Oracle really aren’t software companies anymore—they are AI cloud infrastructure stocks that happen to sell software too,” Melius Research analyst Ben Reitzes noted in a statement to investors. He described Oracle’s $455 billion AI services backlog as “staggering.”
Oracle’s growing presence in AI cloud computing aligns with broader trends in the tech sector, where companies like Nvidia and Microsoft have reached or surpassed $4 trillion in market valuation. Oracle is now nearing the $1 trillion milestone, having gained 103% in stock value this year alone.
Ellison, 81, who co-founded Oracle in 1977, is its largest individual shareholder and currently serves as chairman and chief technology officer. Known for his ownership of 98% of the Hawaiian island of Lana’i and involvement in the Indian Wells tennis tournament, Ellison has also maintained political ties, notably with former President Donald Trump.
Meanwhile, Tesla shares have declined 13% this year. Although Musk could regain his top spot if Tesla hits future milestones tied to his massive pay package, Ellison currently holds the crown as the world’s wealthiest individual.
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