Oracle co-founder Larry Ellison has officially overtaken Tesla CEO Elon Musk as the world’s richest person, following a historic surge in Oracle’s stock price that added more than $100 billion to his net worth in a single day.
Ellison’s fortune is now estimated between $393 billion and $405 billion, depending on valuation timing, according to both the Bloomberg Billionaires Index and Forbes. Bloomberg reports that Wednesday’s $101 billion jump marks the largest single-day wealth increase ever recorded on its tracker.
The milestone comes after Oracle’s shares skyrocketed 41% on the back of stronger-than-expected quarterly results, fueled by robust growth in its cloud infrastructure business. The company reported:
• $14.9 billion in revenue, up 12% year-on-year
• 28% growth in cloud revenue to $7.2 billion
• 359% increase in future performance obligations, now at $455 billion
Ellison, 81, who serves as Oracle’s chairman and chief technology officer, holds the majority of his wealth in Oracle stock. The company’s success has been attributed to its aggressive pivot toward cloud computing and AI services, winning multi-billion-dollar contracts with major clients, including OpenAI and Meta.
Oracle CEO Safra Catz told investors that the company expects its infrastructure revenue to grow from $18 billion to $144 billion within five years, far exceeding Wall Street expectations.
Meanwhile, Elon Musk’s wealth slipped to $385 billion, weighed down by declining Tesla shares and investor concerns over potential impacts of the Trump administration’s rollback of electric vehicle incentives.
Ellison’s rise to the top underscores the shifting dynamics in the tech industry, where cloud and AI infrastructure are increasingly becoming the most lucrative battlegrounds for growth.
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