AsianFin -- Elon Musk has been dethroned as the world’s richest person, with Oracle co-founder Larry Ellison taking the top spot, according to the Bloomberg Billionaires Index.
Ellison’s net worth surged to $393 billion on Wednesday morning, overtaking Musk’s $385 billion.
The shift comes as Oracle shares soared more than 40% following a bullish outlook on the company’s cloud infrastructure and artificial intelligence (AI) business. Ellison, whose wealth is largely tied to Oracle stock, has steadily built his fortune over nearly five decades.
In contrast, Tesla—Musk’s most valuable company—has seen its stock decline this year amid growing investor concerns. The electric vehicle maker has faced headwinds from the Trump administration’s rollback of EV initiatives and public backlash to Musk’s political involvement.
While Musk had held the top spot for nearly a year, a new compensation package worth over $1 trillion is on the table if he can meet an aggressive set of targets over the next decade.
Oracle’s AI Momentum
Oracle’s recent surge is driven by booming demand for data center infrastructure, especially from AI companies. In its latest earnings report, the company projected a 77% increase in cloud revenue this year—to $18 billion—with continued growth expected.
CEO Safra Catz said Oracle signed four multibillion-dollar contracts last quarter and anticipates more deals in the near future. The company’s momentum in the AI space has significantly boosted investor confidence.
Ellison's Ties to Trump
Ellison, 81, co-founded Oracle in 1977 and served as CEO until 2014. He remains chairman and chief technology officer and is known for both his business acumen and his extravagant lifestyle.
Ellison has also emerged as a close ally of U.S. President Donald Trump. When Trump returned to the White House in January, Ellison appeared with OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to unveil “Stargate,” a major initiative to expand U.S. AI infrastructure.
Oracle is also seen as a potential buyer for TikTok, the social media app owned by China’s ByteDance, which faces a U.S. ban unless it divests from its parent company. Trump, when asked in January if Musk might buy TikTok, responded, “I’d like Larry to buy it, too.”
Beyond TikTok, Ellison’s media interests include a recent $8 billion deal to acquire Paramount. The acquisition—funded largely by Ellison—was led by his son, David, whose company Skydance closed the deal last month. Paramount owns major media assets including CBS and MTV.
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